The negative effect on development programs could be severe because of the staggering amounts of money in the pending VW Group diesel recall.
Porsche Automobil Holding SE in Stuttgart has fired Martin Winterkorn as a member and chairman of the executive board effective 31 October 2015. This is the latest development in the growing and company-threatening crisis at Volkswagen Group because of its deliberate diesel emissions fraud perpetrated on several continents by now disgraced engineering and management groups.
One issue is how the deliberate use of testing defeat software that increases diesel NOx emissions will affect the survival of VW in the U.S. and ultimately other countries. Because of the capital stake Porsche SE holds in Volkswagen AG (31.5%), the results of Porsche SE will be diminished. The Porsche Profits target for the Porsche SE Group for fiscal 2015 will also require adjustment downward. (Porsche Profits Impaired by Pending VW Diesel Recall, Fines)
Hans Dieter Pötsch, chief financial officer of Porsche SE, was appointed by the supervisory board to succeed Prof. Dr. Winterkorn as chairman of the executive board of Porsche SE effective November 1, 2015.
