Before the planned IPO next Thursday, the sports car manufacturer Porsche AG is reorganizing its supervisory board.
The presidency will also be slimmed down from eight to six people, the Stuttgart-based company announced on Friday.
In addition to Hans Michel Piëch, the Chairman of the VW Supervisory Board, Hans Dieter Pötsch, is also leaving the Executive Committee.
"The reorganization of the supervisory board is related to the planned IPO," said the chairman of the supervisory board, Wolfgang Porsche.
Due to the complicated ownership structure with Volkswagen, the company has been criticized by investors who believe that the management of the company is not yet ready for the stock market.
VW CFO Arno Antlitz and the new VW board member for IT and organization, Hauke Stars, are moving up to the board.
In addition to face and stars, the executive committee now consists of Wolfgang Porsche, trade unionist Jordana Vogiatzi, and the works council members Harald Buck and Carsten Schumacher.
In addition to Stars, the two external managers Micaela le Divelec Lemmi and Melissa Di Donato Roos have also joined the Supervisory Board.
Hiltrud Werner, Hans-Peter Porsche and Thomas Schmall left the board.
The reason given by the sports car manufacturer was the establishment of necessary committees before the IPO.
The background may also be an increase in the proportion of women and the proportion of independent members on the supervisory board.