Hans Dieter Potsch

German prosecutors launched another investigation into whether Martin Winterkorn and an unnamed Volkswagen board member violated disclosure laws.

Having already resigned as CEO of the Volkswagen Group, Martin Winterkorn brings his departure closer to completion by stepping down as chief executive of Porsche SE, VW's largest shareholder.

Former VW Supervisory Board Chairman Ferdinand Piech looks to be one of the few people benefiting from the company's diesel emissions scandal. With Winterkorn out, two people very close to him are now running the automaker.

The Volkswagen board is supporting the nomination by the Porsche family to name the company's current chief financial officer to serve as its new chairman.