Winterkorn Steps Down as CEO of Porsche SE

Former Volkswagen AG Martin Winterkorn has agreed to give up his position as CEO and chairman of the executive board of the company’s majority shareholder, Porsche Automobil Holding SE. His resignation will take effect Oct. 31.

Hans Dieter Poetsch, currently Porsche SE’s chief financial officer, will succeed Winterkorn on Nov. 1.

Winterkorn quit as VW’s CEO on Sept. 23 when U.S. regulators revealed the company had rigged its diesel-powered cars to cheat emission standards. The company later said it sold 11 million such vehicles worldwide, including 8.5 million in Europe.

But he has remained as the head of Porsche SE and VW’s Audi, Scania and Truck & Bus GmbH units. Winterkorn is being pressured by labor, which holds half the seats on VW’s supervisory board, and Lower Saxony, the German state that owns 20% of VW’s voting stock.

They want him to relinquish all four posts to help the company recover from the emissions scandal. Multiple media reports last week indicated Winterkorn intends to comply.