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August 02, 2006

This Week:

• G 55 AMG Kompressor now with 368 kW/500 hp: Power increase for the AMG classic

• Acura TL Becomes First U.S. Model Exported To China By Japanese Luxury Nameplate

• The new Audi S3: Dynamism and driving pleasure

• Ford S-MAX Brings Thousands Of New Customers To The Blue Oval In First Three Months

• GM's Global Brand Sales Grow as U.S. Market Stabilizes

• Toyota Announces Pricing for 2007 Corolla Matrix and Introduces Special Edition Corolla Matrix M-Theory

• Mazda to show RX-8 Hydrogen RE at Norway's ONS2006 Exhibition

• Ernst Lieb named President and CEO of Mercedes-Benz USA

• Porsche Supervisory Board appoints Thomas Edig to the position of HR Director

• PSA Peugeot Citroën and its Chinese Partner Dongfeng Motor Group Announce Construction of New Plant in Wuhan, China

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These measures were not implemented in the face of opposition from the Workers' Representative, but with this body's agreement. This collaboration resulted in a cooperative approach between employers and employees that had a positive effect on Porsche's further growth. 

The site guarantee agreements concluded in 2000 and 2005 safeguarded jobs for a period of five years in each case after workforces had declared a willingness to continue increasing productivity and flexibility. Other measures implemented under Mr. Harmel included a reduction in the number of management levels from five to three, the transition to a new generation of managers and the establishment of strategic human resources management to pave the way for the managers of the future.

Prof. Dr. Helmut Sihler, Chairman of the Supervisory Board of the Stuttgart sports car manufacturer, praised Mr. Harmel's many years of service as a member of the Board for Human Resources: "Harro Harmel distinguished himself not only through his outstanding loyalty to the company, but also through a special talent for resolving conflicts efficiently and quietly. He furthermore succeeded in establishing a highly-motivated management team that identifies fully with the company. Harro Harmel can without doubt also take credit for the fact that Porsche is today one of the most respected and popular employers in Europe. The Supervisory Board, Directors and shareholders all express their most sincere thanks to Mr. Harmel for this."

Dr. Wendelin Wiedeking, CEO of Porsche AG, highlighted the retiring Board member's hard work by citing positive cooperation between employers and employees: "During the difficult restructuring phase, Harro Harmel succeeded in convincing the workforce of the reorganization concept. In so doing, he founded a corporate culture that is defined by mutual respect and trust and to which Porsche owes its current strength. We are looking forward to working with Thomas Edig. I am confident that our new Board member will be able to continue seamlessly the successful work of his predecessor."

Thomas Edig was born on October 8, 1961 in Stuttgart. After graduating in Business Administration from the University of Cooperative Education in Karlsruhe in 1986, he was employed at Alcatel SEL AG in Stuttgart. Following a number of promotions, he became member of the Board and HR Director in 1998, before being appointed to the Executive Board of Alcatel in Paris in 2002. On April 1, 2006 he moved to Deutsche Telekom AG in Bonn, where he is a member of the T-Com Divisional Board with responsibility for Human Resources and Organizational Matters. Mr. Edig is married and has two children.

(August 1, 2006)