MUNICH -- Porsche AG has named Lutz Meschke as its new finance and purchasing chief. He succeeds Holger Haerter who quit in July when the sports car company's bid to take over the much-larger Volkswagen AG failed.
Meschke, 43, previously was Porsche's head of central controlling. In his new role as executive vice president of financial affairs, he takes charge of the company's finance and operations division as well as purchasing and procurement.
Porsche's finance operations have been run provisionally by the company's management board since Haerter and former CEO Wendelin Wiedeking resigned after Porsche ran into financial difficulties through its bid to take over VW.
VW is rescuing Porsche by buying a 49.9 percent stake and integrating the company into its operations as its 10th brand.
Meschke is a German native who joined Porsche in 2001 after holding various positions with KPMG auditors and the Hugo Boss fashion company.