POAHY Porsche Automobile Holding SE (PK)

German sportscar maker Porsche Automobil Holding AG (PAH3.XE) Wednesday dismissed a report by weekly Der Spiegel magazine, saying supervisory board chairman Wolfgang Porsche would step down next year to make way for Volkswagen AG (VOW.XE) chief executive Martin Winterkorn at the helm of the board.

"This report surprised us, there is nothing to it. Wolfgang Porsche is and remains our supervisory board chairman, no doubt about it," Porsche spokesman Hans-Gerd Bode told Dow Jones Newswires.

Porsche is fully owned by Volkswagen, Europe's biggest auto maker by volume.

-Write to the Frankfurt Bureau at djnews.frankfurt@dowjones.com

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