Porsche Mourns Peter Schutz
Porsche has released an official statement on the passing of its former President and CEO, Peter Schutz, who passed away last weekend aged 87. Schutz is the man held responsible for saving the 911, and introducing the 911 Cabriolet to the US market.
Schutz took over as President and CEO of Porsche in January 1981, when the company was in trouble having recorded its first ever losses the year before. Just three weeks into the job, Schutz reversed the company’s decision to axe production of the 911, much to the delight of enthusiasts around the world. Schutz’s tenure is also remembered for bolstering Porsche’s range of models outside of the 911 coupé, successfully introducing the 911 Cabriolet and expanding the transaxle range with the introduction of the 944 Turbo, 944 S and 944 S2.
Schutz trebled Porsche’s sales and aided it in setting financial records for five years in a row. The economic crisis at the end of the 1980s brought Schutz’s tenure as President and CEO of Porsche to a close. He left the company in 1987, retiring to Florida in 1988 where he became a renowned motivational speaker who also remained popular in Porsche circles. Schultz is survived by his wife, daughter and two sons.