Porsche Names Paul S. Ritchie Chief Executive Officer and Jeremy P. Goddard Director of Business Development for Porsche Engineering Services

ATLANTA, Jan. 21, 2005 -- Dr. Ing. h.c.F. Porsche AG, Stuttgart, today announced the appointment of Paul S. Ritchie to Chief Executive Officer for Porsche Engineering Services, Inc. (PES) and the appointment of Jeremy P. Goddard to Director of Business Development.

As CEO, Ritchie will be responsible for the overall direction of the company as well as developing goals, operating plans and policies for PES. He previously held the positions of acting CEO and COO for two years, and Director of Engineering for four years. In addition to his responsibilities as CEO, Ritchie will also retain his COO duties. Prior to joining PES, Ritchie spent 16 years in the engineering services industry in North America and 12 years in automotive and aerospace in Europe.

Ritchie received his engineering degree in aerospace design from Kingston upon Hull College of Technology. His expertise in body structure development has led to a number of accreditations and achievements within the automotive industry.

Goddard, who joins PES as Director of Business Development, is responsible for identifying market potential, establishing pricing and market strategies, estimating potential sales and defining promotional activities. His most recent position was with Visteon Corporation as Associate Director. This was preceded by a number of European and North American assignments with DaimlerChrysler, FFD-Ricardo and MSX International.

Goddard has an MBA in International Business from Michigan State University, a B.S. in Biology and Environmental Science from Auburn University, and a B.A. in English from the College of William and Mary.

Porsche Engineering Services, Inc., a Troy, Mich.-based subsidiary of the Porsche Engineering Group GmbH, offers expertise and engineering support to North American-based OEM businesses and Tier 1 and 2 automotive suppliers.