Martin Winterkorn Steps Down As Porsche SE Chairman

While Martin Winterkorn is no longer the CEO of the Volkswagen Group, public pressure has forced him to give up the most important of four other key positions he held within the company.

Winterkorn and Porsche Automobil Holding SE, the family-owned holding company that controls a majority stake in Volkswagen, have agreed that he “ceases his function as member and chairman of the executive board of Porsche SE by the end of October 31, 2015.”

As of November 1, 2015, Winterkorn will be succeeded as Porsche Automobil Holding SE chairman by Hans Dieter Pötsch, who was recently appointed VW Group chairman.

“Prof. Dr. Winterkorn assumed office as chairman of the executive board of Porsche SE in a difficult situation. He played a significant role in transforming our company into a highly professional investment holding. I would like to express my gratitude on behalf of the entire supervisory board,” said Dr. Wolfgang Porsche, chairman of the supervisory board of Porsche SE.

Martin Winterkorn still remains chairman of Audi AG, Scania and the newly-created Truck & Bus holding.

Winterkorn’s removal from management positions linked with the VW Group is seen by some analysts and investors as critical for the automaker’s credibility and resolve to move on from the biggest business crisis in its 78-year history.

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