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VW emissions scandal: CEO Winterkorn resigns

Date: 23 September 2015   |   Author: Daniel Puddicombe

Martin Winterkorn has resigned from his position as the CEO of Volkswagen following the ongoing American emissions cheating scandal.

Earlier this week, Winterkorn issued an apology to customers, saying the company would set aside billions to recall and fix affected cars, but refused to step down from his position in charge of the group.

On Monday, shares in the group fell by 17%, dropping by a further 19.7% on Tuesday.

"I am shocked by the events of the past few days. Above all, I am stunned that misconduct on such a scale was possible in the Volkswagen Group," he said as he announced his resignation. "As CEO I accept responsibility for the irregularities that have been found in diesel engines and have therefore requested the Supervisory Board to agree on terminating my function as CEO of the Volkswagen Group."

"I am doing this in the interests of the company even though I am not aware of any wrong doing on my part," he added.

There has been speculation in the German media that current Porsche CEO Matthias Muller could replace Winterkorn.

The acting chairman of the Volkswagen Supervisory Board, Berthold Huber confirmed there would be no decision on Winterkorn's replacement until a meeting on Friday.

"The Executive Committee is expecting further personnel consequences in the next days. The internal group investigations are continuing at a high tempo. All participants in these proceedings that has resulted in unmeasurable harm for Volkswagen, will be subject to the full consequences," the board said in a statement.