The fallout from the dieselgate scandal continues as Porsche Automobil Holding SE has announced Prof. Dr. Martin Winterkorn will resign his position as chairman of the executive board by the end of October 31st.

The fallout from the Dieselgate scandal continues as Porsche Automobil Holding SE has announced Prof. Dr. Martin Winterkorn will resign his position as chairman of the executive board by the end of October 31st.

The holding company declined to mention the terms of the agreement but the move comes one month after Winterkorn resigned his position as Volkswagen CEO.  He will be replaced by Hans Dieter Pötsch who has been serving as Porsche SE chief financial officer.

In a statement, Porsche SE supervisory board chairman Dr. Wolfgang Porsche said “Prof. Dr. Winterkorn assumed office as chairman of the executive board of Porsche SE in a difficult situation. He played a significant role in transforming our company into a highly professional investment holding. I would like to express my gratitude on behalf of the entire supervisory board."

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