Dr. Ing. h.c. F. Porsche AG mourns the loss of Peter W. Schutz. The former Chairman of the Executive Board of Porsche AG passed away on October 29, 2017 at the age of 87. Porsche owes him not only the preservation of the iconic 911 sports car, but also the successful launch of the 911 Cabrio on the American market.
When Peter W. Schutz took over as Chairman of the Executive Board of Porsche AG in January 1981, the company was going through a difficult time. In 1980, Porsche had posted losses for the first time. However, in just his third week as head of Porsche, he reversed his decision to discontinue the 911. Its success has proved him right to this day: the 911 has been regarded as an automotive icon and sports car par excellence for over five decades. As the heart of the brand, it inspires car enthusiasts all over the world and is now the benchmark for all other sports cars.
Under the direction of Peter W. Schutz, the company not only underwent a strategic realignment. The German-American made a major contribution to making the Porsche model range more attractive: For example, the fully convertible 911 was successfully introduced. He also drove the expansion of the transaxle model range with the 944 Turbo, 944 S and 944 S2 models and corresponding convertible variants.
New motorsport records were also set in 1982: At Le Mans, Porsche won almost all class and special classifications in addition to first through fifth place.
In 1985, the Porsche 959 was finally presented in Frankfurt. The "Über-911", as the press called the 959, underlined the technical expertise of the sports car manufacturer at the time.
Schutz tripled sales and led Porsche back to profitability. For five financial years in a row, he was able to break record after record.
But the economic crisis in the second half of the 1980s heralded the end of the "golden 80s": Declining earnings in the export business and the accompanying drop in sales in America meant the end of Peter W. Schutz's involvement as Porsche CEO. He left the company in 1987 and returned to the USA in 1988, where he lived in Naples, Florida, until his death. Peter W. Schutz is survived by his wife, a daughter and two sons.
