Volkswagen CEO Martin Winterkorn has decided to resign, following the huge scandal involving 11 million cars equipped with a special device for cheating during emissions tests.

Volkswagen CEO Martin Winterkorn has decided to resign, following the huge scandal involving 11 million cars equipped with a special device for cheating during emissions tests.

There was a report yesterday about Winterkorn's decision to call it quits amid the Dieselgate, but that turned out to be untrue. However, it all changed in these past few hours and now we have an official statement from Martin Winterkorn: "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."

Winterkorn says he is "stunned that misconduct on such a scale was possible in the Volkswagen Group" and mentions VAG needs a "fresh start - also in terms of personnel." He continues his statement by adding "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."

A meeting of the Supervisory Board will take place on Friday when recommendations for a successor will be presented. It should be mentioned Winterkorn was the highest paid CEO in Germany and if it weren't for the scandal, he was all set to get a three-year contract renewal this week.

 

Be part of something big