The 928 was originally scheduled to replace the 911, until the plan was changed by Peter Schultz, who was born in Germany in 1930, and emigrated to America in 1939 when his Jewish parents left to avoid the Nazi's. Very interesting fellow, ran Caterpillar for a while among other accomplishments, and became CEO of Porsche in 1981. Here's his recollection (from Wikipedia) of the meeting that saved the 911:
The decision to keep the 911 in the product line occurred one afternoon in the office of Dr. Helmuth Bott [de], the Porsche operating board member responsible for all engineering and development. I noticed a chart on the wall of Professor Bott's office. It depicted the ongoing development schedules for the three primary Porsche product lines: 944, 928 and 911. Two of them stretched far into the future, but the 911 program stopped at the end of 1981. I remember rising from my chair, walking over to the chart, taking a black marker pen, and extending the 911 program bar clean off the chart. I am sure I heard a silent cheer from Professor Bott, and I knew I had done the right thing. The Porsche 911, the company icon, had been saved, and I believe the company was saved with it.[18]
If they had depended on the 944 and 928 they surely would have sunk....