Winterkorn resigns as CEO of Porsche holding company

Winterkorn resigns as CEO of Porsche holding company

Confirming recent rumors, former Volkswagen chief Martin Winterkorn has formally resigned from his position as CEO of holding company Porsche SE.

Winterkorn has been the most senior figure to take the fall for VW’s diesel emissions scandal. Numerous agencies in the US and abroad are investigating the cheating allegations, which could result in criminal charges against executives or lower workers.

“Prof. Dr. Winterkorn assumed office as chairman of the executive board of Porsche SE in a difficult situation,” said Porsche SE supervisory board chairman Wolfgang Porsche. “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.”

Hans Dieter Pötsch, currently Porsche SE’s chief financial officer, will succeed Winterkorn as chief executive effective November 1.

Despite Winterkorn’s ouster from VW and resignation from Porsche SE, he still holds key positions at Audi and VW Group’s truck businesses. His departure from Porsche SE suggests he will likely be stepping down from his other group roles.

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