Winterkorn Agrees To Leave Porsche

(RTTNews) - Porsche Automobil Holding SE (POAHY.PK, POAHF.PK) said it reached an agreement with Prof. Dr. Martin Winterkorn, former CEO of Volkswagen (VKW.L, VLKAF.PK, VOW.BE), that he ceases his function as member and chairman of the executive board of Porsche SE by the end of October 31.

Hans Dieter P tsch, chief financial officer of Porsche SE, was appointed by the supervisory board to succeed Prof. Dr. Winterkorn as chairman of the executive board of Porsche SE effective November 1.

Winterkorn resigned from Volkswagen following the diesel emission scandal that has decreased the stock's value and led to the recall of millions of cars.

It is through Porsche Automobil that the Piech and Porsche families own over 50 percent of the European car giant.