By William Boston

BERLIN---- Porsche Automobil Holding SE said Saturday that Chief Executive Martin Winterkorn is stepping down, effective Oct. 31.

Hans Dieter Pötsch will succeed Mr. Winterkorn as chief executive on Nov. 1. Mr. Winterkorn's departure was widely expected after his resignation under pressure last month as CEO of Volkswagen AG.

Mr. Pötsch is chairman of Volkswagen's supervisory board and is also finance chief of Porsche SE. Porsche SE has no direct management control over Volkswagen. The holding company, belonging to the Porsche and Pietch families, owns around 52% of Volkswagen's voting stock and is the car maker's largest shareholder.

Mr. Winterkorn resigned from Volkswagen after the company admitted it manipulated emissions tests of some diesel-powered cars and light trucks in the U.S. and Europe. The company is under investigation on suspicion of fraud on both sides of the Atlantic and is preparing to launch a massive recall of up to 11 million vehicles.

Write to William Boston at william.boston@wsj.com

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(END) Dow Jones Newswires

October 17, 2015 12:06 ET (16:06 GMT)

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