Martin Winterkorn will cease to be a member and chairman of the executive board of Porsche Automobil Holding SE on 31 October, the main shareholder in Volkswagen, the holding company said at the weekend. He'll be replaced by Porsche SE chief financial officer Hans Dieter Pötsch from 1 November.

In a statement, Porsche SE said it had "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 October 31, 2015".

Wolfgang Porsche, chairman of the supervisory board, said: "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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