Porsche Extends CEO’s Contract

CEO Matthias Mueller tells Automobilwoche that Porsche AG has added a year to his contract, which will now run through October 2014.

Mueller has headed the sports car maker since 2010 and oversaw the company's merger with Volkswagen AG last year.

Automobilwoche cites unidentified associates of Mueller who expect him to obtain another four-year contract when the current agreement expires. That would allow him to see through Porsche's plan to boost sales 42% from last year to 200,000 by 2018.