October 17, 2015 / 3:32 PM / 2 years ago

Porsche SE picks Poetsch to succeed Winterkorn as CEO

2 Min Read

Former CFO and new Chairman of Volkswagen Hans Dieter Poetsch addresses a news conference after being appointed by Volkswagen's Supervisory board at the company's headquarters in Wolfsburg, Germany October 7, 2015.Axel Schmidt

FRANKFURT (Reuters) - Former Volkswagen (VOWG_p.DE) chief executive Martin Winterkorn is stepping down as head of Porsche Automobil Holding SE PSHG_p.DE, the family-owned holding company that controls a majority stake in Volkswagen, Porsche SE said in a statement on Saturday.

Hans Dieter Poetsch, the chief financial officer of Porsche SE and designated new chairman of the VW supervisory board, was appointed to succeed Winterkorn as Porsche SE chief executive with effect from Nov. 1.

Several German media had reported that Martin Winterkorn, who quit at VW last month, would step down from his remaining posts related to the company in the coming days.

Winterkorn resigned as CEO of Europe's largest carmaker after the group admitted cheating in diesel emissions tests in the United States, triggering the company's biggest business scandal in its 78-year history.

Winterkorn is also chairman of VW's luxury brand Audi, its trucks division Scania, and its newly-created Truck & Bus holding.

Lower Saxony, VW's second-biggest shareholder, as well as influential labor leaders at VW have been putting pressure on Winterkorn to resign from his remaining posts within the group, several people familiar with the matter have said.

Volkswagen is considering a reduction in temporary workers as part of efforts to offset the cost of the emissions scandal, the car maker's works council said on Saturday.

Reporting by Arno Schuetze; Editing by Kevin Liffey

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below