Volkswagen CEO Winterkorn resigns after emissions scandal

 

Volkswagen CEO Martin Winterkorn has resigned in the wake of the company’s admission that it has cheated on emissions regulations by using special software. The company’s diesel cars can apparently detect when they are being subjected to emissions testing and correspondingly make adjustments to reduce pollutants. The software can then switch off the function when on the road, allowing the car’s engines to produce more power and also more pollution. In some cases, the cars’ emissions were more than 40 times the allowed level. The carmaker faces billions of dollars in possible fines and vehicle recalls, as well as lost trust and confidence from customers.

 

Winterkorn said in a statement, “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. 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.”

 

VW’s Executive Committee of the Supervisory Board said that “it will take the necessary decisive steps to ensure a credible new beginning. The Executive Committee has great respect for Chairman Professor Dr. Winterkorn’s offer to resign his position and to ask that his employment agreement be terminated. The Executive Committee notes that Professor Dr. Winterkorn had no knowledge of the manipulation of emissions data. The Executive Committee has tremendous respect for his willingness to nevertheless assume responsibility and, in so doing, to send a strong signal both internally and externally.”

 

The committee acknowledged Dr. Winterkorn’s contributions to the company in the past few year and said that new personnel “will be presented.”