Paefgen retiring at Bentley, Dürheimer appointed chairman and CEO

Wolfgang Durheimer of BentleyThe game of game of CEO musical chairs at Volkswagen is still underway. Wolfgang Dürheimer (at right), formerly executive vice president of Porsche, is now the chairman and CEO of Bentley. Dr. Franz-Josef Paefgen (above), the company's current CEO, will retire in February after eight years of leading the ultra-lux brand. Though he's hit the traditional German retirement age of 65, the well-regarded exec is slated to stay on the payroll as a consultant for VW and an adviser for Bentley.

Dürheimer, 52, has a long history in the automotive and motorcycle worlds. He joined up with BMW in 1986 and held lead roles in product development for the Roundel's two-wheeled operation as well as research and development for the company's passenger car division before moving to Porsche in 1999. While there, he helmed the 911 line before heading up research and development for the sportscar maker.

Hit the jump for the full press release.

[Source: Bentley]
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Wolfgang Dürheimer appointed Chairman and Chief Executive

Dr Franz-Josef Paefgen to remain as an advisor

Crewe, 29 November 2010: Bentley Motors today announced the appointment of Wolfgang Dürheimer as its new Chairman and Chief Executive. Mr Dürheimer, who joins Bentley from Porsche AG where he was Executive Vice-President, Research and Development, will commence his new role on 1st February 2011. He succeeds Dr Franz-Josef Paefgen who will retire after over eight years at the helm but has agreed to remain in an advisory capacity to Bentley and as a consultant to the Volkswagen Group.

Beginning his career in the motor industry with BMW in 1986, Wolfgang Dürheimer (52) has held positions as a product manager and also Head of Product Development in the motorcycle division. He later became a member of the senior management team responsible for research, development and project management. In 1999, Mr Dürheimer moved to Porsche, taking management responsibility for the iconic 911 product line. Since 2001 he has been a Member of the Board responsible for Research, Development and Product Management. Under his management new models and product lines have been developed which have strengthened the success of the Porsche brand.

Speaking about the appointment, the Chairman of the Board of Management of Volkswagen AG, Professor Dr Martin Winterkorn said: "Wolfgang Dürheimer personifies the outstanding technical competency of Porsche. He will bring this expertise and his experience to Bentley and Bugatti, helping them maintain their leading positions within the luxury segment."

Speaking about his new role, Mr Dürheimer said: "I am flattered by the trust put in me by the Volkswagen Group. To take charge of a Company such as Bentley is a significant responsibility. The Company has such an illustrious history and the developments made over the past few years have been outstanding. I know I have a lot to learn about the Brand and the people but hope my experience with Porsche will serve me well in a new role and a new country."

Dr Paefgen, who reaches the normal retirement age of 65 in May, has been asked to remain involved in the Volkswagen Group and Bentley in particular in an advisory capacity. This reflects Dr Paefgen's undoubted experience within the motor industry during which he has been Chairman of some of the world's most illustrious marques including Bentley and Bugatti but also Audi and Lamborghini. "Over the past 30 years, he has played a key role in corporate development at the helm of a number of Group brands." said Professor Dr Winterkorn.

During his tenure at Bentley, Dr Paefgen has overseen nothing less than the renaissance of the Company. Having joined the Company in 2002, Dr Paefgen oversaw the final stages of Volkswagen's billion pound investment in both the Crewe factory and its R&D facilities. The first fruits of this investment were seen the following year; a victorious return to Le Mans and the launch of the car that transformed the Company's fortunes – the Continental GT. Creating a new market segment, the GT won Bentley new followers across the world, increasing sales ten-fold by 2007 and helping the Company increase its workforce to over 3500. Despite the global economic downturn, Bentley has continued to invest in new products including the new Continental GT which was launched in Paris this year and the flagship Mulsanne, which Dr Paefgen described as containing "everything I know about the creation of cars".

"It has been a privilege to have been a small part of the story of Bentley", said Dr Paefgen. "During my time here we have had some tremendous successes and inevitably faced some real challenges. However, it is the skill, the commitment and the passion of everyone at Crewe that I will treasure the most. In Wolfgang Dürheimer I am convinced we have an individual with a feel for the both the Brand and what makes Bentleys special. The company is in very capable hands."

Wolfgang Dürheimer is a native of Bavaria in Germany and is married with two grown up children. He will commence the leadership of Bentley Motors on 1st February 2011.

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