Blume will remain CEO of both Porsche and VW

FRANKFURT -- Oliver Blume on Monday defended a decision to serve as CEO of both Porsche and Volkswagen Group, a move that has drawn the ire of investors due to governance concerns.

"The decision to lead both VW and Porsche ... was a conscious decision," Blume said after presenting Porsche's full-year results on Monday. "It was a conscious decision and will remain so in the future."

Volkswagen Group shareholders criticized Blume's dual roles in December, even as they approved a roughly 9.6 billion euro ($10.2 billion) special dividend following the listing of Porsche.

"We don't want a part-time CEO -- neither at the mother, nor the daughter company," said Hendrik Schmidt of DWS, which holds 2 percent of Volkswagen stock.

Blume became VW Group CEO in September last year.