According to media reports, British ultra-luxury car brand Bentley has announced that Porsche engineer Frank-Steffen Walliser will serve as the company's new CEO.
Walliser will take over from Adrian Hallmark on July 1. Hallmark, who served as Bentley's CEO for six years, stepped down in March this year and subsequently became the CEO of Aston Martin.
Under Hallmark's leadership, Bentley regained sustained profitability, but the latest quarter's profit margin has declined compared to the high margins of previous quarters.
According to Audi's latest financial report, Bentley's operating profit in the first quarter dropped by 45% to €120 million. The profit margin decreased from 24% to 17%. Audi attributed Bentley's financial performance decline to a "challenging market environment."
The 54-year-old Walliser hails from Porsche's "home" of Stuttgart and has a background in mechanical engineering, specializing in internal combustion engines and technical management. Walliser has been with Porsche since 1995. In 2014, he became the head of Porsche Motorsport, then took over the 911 and 718 product lines in 2019, and was promoted in 2022 to his current position as the head of Porsche Vehicle Architecture and Characteristics Development.
Gernot Döllner, CEO of Bentley's parent brand Audi, stated in a release that Walliser will bring entrepreneurial and engineering experience to Bentley.
Walliser will be responsible for Bentley's transition from internal combustion engines to electrified systems, starting with plug-in hybrid vehicles. Amid a slowdown in electric vehicle sales, Bentley has postponed the launch of its first all-electric vehicle to 2027.
