Economy, Auto

VW Ex-CEO to Leave Remaining Posts

VW Ex-CEO to Leave Remaining PostsVW Ex-CEO to Leave Remaining Posts

Martin Winterkorn, the former boss of Volkswagen who quit last month, will step down from his remaining posts at the company, the Sueddeutsche Zeitung newspaper and TV stations NDR and WDR reported, without citing their sources. The resignations are expected in the coming days, as soon as a few remaining formalities have been dealt with, they said, adding that the decision comes after the German state of Lower Saxony, VW's second-biggest shareholder, put pressure on the former CEO, Reuters reports. Winterkorn is chief executive of Porsche SE, the family-owned holding company that controls a majority stake in Volkswagen, as well as chairman of VW's flagship luxury brand Audi, trucks division Scania and the group's newly-created Truck & Bus holding. VW has so far said it was up to the supervisory boards of the companies in question to take any decision about Winterkorn's future involvement.