Peter W. Schutz took over Porsche in 1981, when the company was emerging from a year of major losses and its future was uncertain. The 911 was still selling, but plans called for production to end in December that year, with the 928 and 944 set to take its place. Schutz reversed that decision just three weeks after joining the company.

The change came during a visit to chief engineer Helmuth Bott’s office. A product timeline on a blackboard showed the 911’s planned end date. Schutz reportedly extended its line beyond the board and onto the wall, asking Bott to continue developing the car. He also backed efforts to fix problems with the 911’s camshafts, which had been damaging customer satisfaction and the brand’s reputation.

Porsche’s difficulties had several causes. The 924 and 928 had not achieved the expected commercial success in the United States, while recurring mechanical issues were troubling 911 owners. Schutz had previously built his career at Caterpillar and Cummins Engine, where he spent 11 years, including eight as vice president of sales for the United States and Canada. Ferry Porsche personally encouraged him to apply for the CEO role; he was selected from 12 candidates.

Under Schutz, Porsche continued investing in its model range and motorsport. The company introduced the 911 Cabriolet and expanded the 944 line with the Turbo, S and S2. The 911 3.2 also arrived during his tenure. Schutz supported racing rather than cutting that investment, and Porsche won the 24 Hours of Le Mans in 1981 after deciding to use three 936 cars from its museum, fitted with engines being developed for American IndyCar racing. The 956 won at Le Mans in 1982, while the four-wheel-drive 953 won the Paris-Dakar in 1984 and the 959 followed with a victory in 1986.

Porsche’s worldwide sales rose from about 28,000 cars in 1981 to 53,000 in 1986. Schutz left the company in 1987, when a financial crisis in the United States and unfavorable exchange rates made Porsche cars too expensive for the market. Sales in the country, Porsche’s second-largest market, fell to less than half their previous level.

Born in Berlin on April 30, 1930, Schutz left Germany with his family as Nazism rose. They moved to Havana in 1937 and then to Chicago in 1939, where he grew up and studied mechanical engineering. After leaving Porsche, he retired with his wife to Florida and gave motivational talks. He died in 2017, aged 87.

Porsche’s operating margin was 1.1% in 2025, down from 14.1% the previous year.

Sources: Motorpasión.