Volkswagen emissions scandal: Former chief executive Martin Winterkorn steps down from role at VW's biggest shareholder Porsche SE

Jessica Morris
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Porsche is VW's biggest shareholder (Source: Getty)

The former chief executive of Volkswagen, Martin Winterkorn, is due to step down from his role at Porsche SE, which is also the scandal engulfed carmaker's biggest shareholder.

He'll be replaced by Hans Dieter Poetsch, the chief financial officer of the holding company Porsche SE and designated new VW chairman, with effect from November 1.

"Hans Dieter Poetsch, chief financial officer of Porsche SE, was appointed by the supervisory board to succeed Martin Winterkorn as chairman of the executive board of Porsche SE effective November 1," the company said in a statement.

Read more: German government orders Volkswagen to recall 2.5 million car

Winterkorn resigned as the chief executive of VW last month after the carmaker admitted to cheating on US emissions tests. Since then the company has said more 11m cars around the world are involved.

VW expects to set aside €6.5bn (£4.7 billion) in its third-quarter accounts to help cover the costs of the scandal. But some analysts have suggested the total cost of fines and refits and lawsuits will be as much as €35bn, a figure which would wipe out the company’s cash reserves.

Shares in Volkswagen closed down 2.1 per cent in Germany on Friday.

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