Ex-VW boss quits as head of holding firm
Print Edition
Former Volkswagen CEO Martin Winterkorn is stepping down as head of a holding company that technically controls a majority in the German automaker, weeks after his resignation in the wake of the emissions-rigging scandal.
Porsche Automobil Holding SE, via which the Piech and Porsche families own more than 50 percent of Volkswagen, said in a brief statement on Saturday that it 鈥渞eached an agreement with Prof Dr Martin Winterkorn that he ceases his function as member and chairman of the executive board of Porsche SE by the end of October 31.鈥
Winterkorn will be replaced as the holding company鈥檚 CEO November 1 by Volkswagen鈥檚 new supervisory board chairman, Hans Dieter Poetsch.
Winterkorn鈥檚 departure as head of the holding company was expected after he quit last month as CEO of the automaker.
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