A change has taken place in the management of Porsche Financial Services GmbH (PFS) with Volker Reichhardt taking over the position of spokesman of the Management Board on 1 September, 2022.
Reichhardt has most recently been the CFO and Treasurer of Porsche Financial Services Inc. The wholly owned subsidiary of Porsche AG manages PFS’s business in the US. He was also General Director of Volkswagen Financial Services Russia from 2016 to 2020 and CFO of MAN Finance International GmbH from 2014 to 2016.
“Volker Reichhardt is an experienced financial expert who, over the past nine years, has held senior positions within the Volkswagen Group,” says Lutz Meschke, Deputy Chairman of the Executive Board and Member of the Executive Board for Finance and IT at Porsche AG. “Porsche Financial Services GmbH is set to expand further by taking on responsibility for Porsche Drive. We are therefore delighted that we have been able to recruit a prominent industry expert to continue our planned course of growth.”
Reichhardt takes over as spokesman for the four-member Management Board of Porsche Financial Services GmbH. In addition to Reichhardt, the board is also made up of Konrad Riedl (CFO), Marc Rieß (COO) and Michael Löffler. As well as his role as Head of Sales Management and Strategy at Porsche AG, Michael Löffler joined the Management Board on 1 January 2022 as Chief Marketing Officer. “In Michael Löffler, we have gained a leading sales expert for the management,” continues Meschke. “This will enable us to create an even more intensive network with Porsche AG’s sales department and further deepen the synergies between the parent company and the subsidiary.”
Porsche Financial Services is on a growth path
Porsche Financial Services GmbH is based in Bietigheim-Bissingen and is a fully owned subsidiary of the Stuttgart-based sports car manufacturer Porsche AG. The services offered by Porsche Financial Services Group include tailor-made financing solutions for Porsche vehicles and Volkswagen’s exclusive Bentley, Lamborghini and Bugatti brands, as well as dealer financing, insurance, mobility services and credit cards.
The company operates internationally with more than 400 employees and manages more than 320,000 leasing and financing contracts worldwide. The total number of contracts has almost doubled over the past four years. In Germany, the leasing business is operated by Porsche Financial Services GmbH & Co. KG, a financial services institution.
