Porsche’s New CEO Is a Luxury Leader Big on Hybrids (1)

Porsche AG named Michael Leiters its next chief executive officer, tapping a German engineer who has honed his luxury-car skills at McLaren Automotive Ltd. and Ferrari NV to steer a turnaround.

Leiters, 54, will take over in January from Oliver Blume, who’ll helm parent Volkswagen AG for five more years, the manufacturer said Friday. Leiters has a long track record of pushing hybrid models, starting with the successful Cayenne SUV during his earlier stint at Porsche.

Michael Leiters.

Photographer: Carlos Jasso/Bloomberg

The executive rejoins the 911 maker as it’s cutting jobs and pivoting back toward hybrids and combustion-engine cars after an expensive electrification ...