Ex-VW chief Winterkorn quits as Porsche CEO

Frankfurt

VOLKSWAGEN AG's former chief executive officer Martin Winterkorn stepped down from his post running Porsche Automobil Holding, VW's biggest shareholder, succumbing to pressure to cut his ties amid an investigation into cheating on emissions tests.

VW chairman Hans Dieter Poetsch, who already sits on the Porsche board, will take over from Mr Winterkorn on Nov 1, the Stuttgart-based company said in a statement on Saturday. The holding company, controlled by the Porsche and Piech families, owns more than half of VW's voting shares.