The CEO, and the German automaker landed in hot water after allegations of cheating on U.S. air quality tests surfaced. The company also reportedly installed software called "defeat devices" on vehicles between 2008 and 2015, CNBC reported.
A successor will be named at a board meeting on Friday. Rumors point to Porsche President and CEO Matthias Muller and Audi head Rupert Stadler, CNBC said.
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