Porsche names Oliver Blume new CEO

FRANKFURT (Reuters) - Volkswagen's Porsche business said its supervisory board has named Oliver Blume as its new chief executive, replacing Matthias Mueller, who has taken the helm at its parent company.

Porsche production chief Blume, 47, will start his new job on Oct. 1, Porsche said in a statement on Wednesday.

A person familiar with the matter had told Reuters on Tuesday that the sports car-maker would name Blume as its new CEO on Wednesday.

(Reporting by Maria Sheahan; Editing by Kirsti Knolle)