Volkswagen CEO Martin Winterkorn Resigns Amid Emissions Scandal
EPA will investigate VW models with 3.0-liter V-6 diesel engines
Volkswagen CEO Martin Winterkorn has announced his resignation just days after the automaker's diesel scandal hit the press.
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"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," Winterkorn said in a statement released earlier today. "I am doing this in the interests of the company even though I am not aware of any wrong doing on my part."
Volkswagen agreed, releasing its own statement claiming Winterkorn has no knowledge of the manipulation of emissions data. The automaker also said Winterkorn has made "invaluable contributions to Volkswagen."
There's no official word from Volkswagen on who will replace Winterkorn, but the company will discuss recommendations for new personnel at an upcoming board meeting this Friday. Earlier rumors suggested Porsche boss Matthias Mueller would take the helm as head of Volkswagen. However, a Volkswagen spokesman called the rumor "ridiculous" in a report published Tuesday byAutomotive News.
Winterkorn first joined the quality assurance division of Audi in 1981 before becoming CEO of the luxury marque in 2002. He assumed his current position as Volkswagen AG CEO in 2007. This year, he ranked No. 1 on Motor Trend's Power List for leading Volkswagen toward its goal of becoming the world's largest automaker four years earlier than expected.
In his statement today, Winterkorn says he is "shocked by the events of the past few days."
"Volkswagen needs a fresh start - also in terms of personnel. I am clearing the way for this fresh start with my resignation."
To help it achieve this fresh start, Volkswagen has hired U.S. law firm Kirkland & Ellis LLP to help Volkswagen manage the scandal that keeps growing each day. The firm had previously navigated BP through its oil spill disaster earlier this decade.
Winterkorn's resignation comes just after the company admitted that 11 million of its vehicles include software used to evade emissions regulations. The company has issued a stop-sale on 2.0-liter diesel cars sold in the U.S. Now, the EPA says it is expanding its investigation to Volkswagen Group cars with 3.0-liter V-6 diesel engines including the Porsche Cayenne, reportsThe Detroit News.
Although this is likely the biggest scandal to ever rock the automaker, it's not the only major executive shakedown at the company. Volkswagen Group supervisory board Chairman Ferdinand Piech resigned in April, and Winterkorn had to fight for his job after reportedly losing favor with the VW patriarch.
Source: Volkswagen, The Detroit News, Bloomberg
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