VW-Porsche cross-pollination as Winterkorn, Pötsch join Porsche board

The assimilation of Porsche into the Volkswagen Group continued today as two top executives from Wolfsburg have taken up similar positions at the parent company of the sports car maker. Volkswagen CEO Dr. Martin Winterkorn will become CEO of Porsche Automobil Holding SE on September 15. He will be joined on the Porsche SE board of management by Hans Dieter Pötsch, who will serve as chief financial officer. Porsche SE is the holding company owned by the Porsche and Piech families that controls Porsche AG, the automaker.
Conversely, Michael Macht, who recently replaced Wendelin Wiedeking as CEO of Porsche AG, will be appointed to a senior management position at Volkswagen where he will represent the interests of Porsche. Macht will also retain his role at Porsche AG. Hit the jump for the official press release.

[Source: Porsche]

PRESS RELEASE:

Winterkorn and Pötsch appointed into Board of Management of
Porsche SE

Stuttgart. In today's meeting, the Supervisory Board of Porsche Automobil Holding SE, Stuttgart, appointed with effect from 15 September 2009 Prof. Dr. Martin Winterkorn as CEO and Hans Dieter Pötsch as CFO of the company. They will exercise these tasks in addition to their functions as members of the Board of Management of Volkswagen AG. Since 2007, Prof. Dr. Winterkorn is CEO of Volkswagen AG, since 2003 Hans Dieter Pötsch is CFO of the automotive group in Wolfsburg.

The CEO of Dr. Ing. h.c. F. Porsche AG, Michael Macht, who is also a member of the Board of Management of Porsche SE, shall be appointed into the top management of Volkswagen AG, in order to represent the Porsche brand there. Thomas Edig, deputy chairman of Porsche AG, is a further member of Porsche SE's Board of Management with responsibility for administration.