Porsche is planning a big new hire in the lead up to its probable initial public offering.
The Volkswagen Group-owned sports-car maker said it intends to appoint Sajjad Khan to its executive board. Khan was chief technology officer at rival Mercedes-Benz until a year ago, when he left to start a venture capital fund.
Khan, 48, will focus primarily on car tech, Porsche said in a statement.
Khan would be a major addition to a management team led by Olive Blume, who became CEO of VW on Thursday, while keeping his role as Porsche boss.
Khan, a proven digital expert, will strengthen Porsche's IT team at a critical time, Blume said in the statement.
Khan, a native of Pakistan with German citizenship, worked for Mercedes for more than six years until August 2021. From 2011 to 2015, he was with BMW, where he led the automaker's Connected Drive efforts.
Handelsblatt reported that Khan’s move to Porsche was imminent. Porsche said Khan will begin his duties as soon as he is available to do so.
Porsche has lined up investor interest for its initial public offering at a valuation of as much as $85 billion, signaling one of Europe’s biggest-ever listings is poised to go ahead despite market headwinds, people familiar with the matter said last week.
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