Volkswagen’s Former CEO Is Stepping Down From Its Holding Company

Martin Winterkorn Leaving VW Holdings Company

Former Volkswagen CEO Martin Winterkorn is stepping down as head of the holding company that controls a majority in the German automaker. He resigned from Volkswagen several weeks ago amid the emissions test cheating scandal.

Porsche Automobil Holding SE, with majority ownership by the Piech and Porsche families, said in a brief statement Saturday that it “reached an agreement with Winterkorn that he ceases his function as member and chairman of the executive board of Porsche SE by the end of Oct. 31.”

He will be replaced by Volkswagen’s new supervisory board chairman, Hans Dieter Poetschon, on November 1.

Winterkorn resigned as Volkswagen CEO on September 23, saying he was acting in the interests of the company “even though I am not aware of any wrongdoing on my part.”

He was quickly succeeded by former Porsche CEO Matthias Mueller.

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Written by Lane Hanson

Lane Hanson

Lane Hanson is BusinessPundit's Economy Editor. He reports on major changes in the US and Global Economies.