Prof. Dr. Martin Winterkorn, Chairman of the Board of Management of Volkswagen Aktiengesellschaft, and Hans Dieter Pötsch, Member of the Board of Management of Volkswagen Aktiengesellschaft responsible for “Finance and Controlling”, will join the Board of Management of Porsche Automobil Holding SE effective November 25, 2009. They will exercise these duties in addition to their functions on the Board of Management of Volkswagen Aktiengesellschaft. Prof. Winterkorn will become CEO, Pötsch will assume responsibility as CFO.

The conditions for their appointments at Porsche were met when the Supervisory Boards of both companies approved the contracts of implementation relating to the comprehensive agreement on the creation of an integrated automotive group with Porsche. These contracts specify the binding provisions governing the organizational, structural and legal details of the union between the two companies.

Approval of the contracts of implementation marks a further important step towards an
integrated automotive group with Porsche which is to be completed during the course of 2011.

The next milestones are a 49.9 percent participation of Volkswagen in Porsche AG which is planned for realization by the end of 2009, and the Extraordinary General Meeting of Volkswagen AG on December 3, 2009.

Prof. Dr. Winterkorn commented: “All major issues concerning the creation of an integrated automotive group have now been settled. By 2011, we will have joined forces to form a new, strong group with an unparalleled model range and the highest technological competence. We are seizing a unique strategic opportunity for all parties. With the integration of Porsche, Volkswagen is systematically continuing its successful multi-brand strategy. Porsche will benefit from new, additional openings for growth.”

Source: Transportweekly