In Germany, Dr. Martin Winterkorn has resigned as CEO of Volkswagen Group AG. No successor has yet been named.
The VW board indicated that a new CEO will be named by Friday,and that further changes in personnel would happen rapidly as the investigation unfolds.
“I am shocked by the events of the past few days.,” Winterkorn said in a statement distributed via the company website. “Above all, I am stunned that misconduct on such a scale was possible in the Volkswagen Group.
“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.
“Volkswagen needs a fresh start – also in terms of personnel. I am clearing the way for this fresh start with my resignation. I have always been driven by my desire to serve this company, especially our customers and employees. Volkswagen has been, is and will always be my life.
“The process of clarification and transparency must continue. This is the only way to win back trust. I am convinced that the Volkswagen Group and its team will overcome this grave crisis.”
Background to the story
Statement by the VW Board: Further personal changes expected in the next few days.
Complete coverage of today’s earlier developments in the crisis is here.