Martin Winterkorn is Out (Again), set to Resign as Chairman of Porsche SE

Porsche Automobil Holding SE (Porsche SE), the largest shareholder of Volkswagen AG (and not related to Porsche AG the car maker), released a statement that Prof Dr Martin Winterkorn will step down from his position as member and chairman of the company’s executive board. 

Winterkorn, who resigned from his post as CEO and Chairman of the Board of Management at Volkswagen AG, amidst the ‘dieselgate’ scandal, was reported to still wield some amount of power and control over the German giant, through Porsche SE which holds 52 per cent of Volkswagen’s voting stock.

In the statement the company says thatPorsche SE has ‘reached an agreement’ with Winterkorn to cease his role in the company by the end of October 31^st, though there were no further reasons given about his departure. In his place Hans Dieter Pötsch, the company’s current CFO has been appointed by the supervisory board to succeed Winterkorn position, effective from November 1^st. 

 Also read: How Volkswagen Became a Victim of Realpolitik