Porsche SE holding gets Poetsch to succeed Winterkorn image

Martin Winterkorn, the long running chief executive officer of Volkswagen AG that decided to hand over his resignations last month after the diesel emissions cheating scandal was triggered, has now also relinquished his post as the Porsche Automobil Holding SE boss.

Winterkorn, which had announced his resignation last month while saying he had no knowledge of wrongdoing on his part in the rigged emissions dieselgate scandal, said back then he was aiming to give the company a clean slate. But reports later on mentioned how he maintained a grip on the largest European carmaker through key positioning within the company or at related holdings. Now he decided to further distance himself from the company, giving up his CEO post at the family-owned holding company that has a majority stake in Volkswagen, said the firm through a recent statement. Hans Dieter Poetsch, the chief financial officer of Porsche SE, has been named as Winterkorn’s successor, becoming the Porsche SE chief executive starting next month. Poetsch is also the designated new chairman of the VW group’s supervisory board.

Winterkorn has remained so far chairman of VW’s luxury subsidiary Audi, the trucks division Scania and its newly established Truck & Bus holding. Lower Saxony, the home state of the company and also its second-largest stakeholder, together with the influential labor leaders have been pressuring Winterkorn to give up the rest of its positions within or related to the group, according to media reports. The group is now trying to cope with the biggest corporate crisis in its 78-year history after admitting it had installed illegal software in up to 11 million autos sold globally.

Via Reuters