The Volkswagen Supervisory Board has appointed 62-year old Matthias Müller as the new CEO of Volkswagen AG.

The Volkswagen Supervisory Board has appointed 62-year old Matthias Müller as the new CEO of Volkswagen AG.

The appointment is effective immediately and Müller will replace Prof. Dr. Martin Winterkorn who resigned earlier this week in the midst of the DieselGate scandal.

In a statement, Müller said "My most urgent task is to win back trust for the Volkswagen Group – by leaving no stone unturned and with maximum transparency, as well as drawing the right conclusions from the current situation. Under my leadership, Volkswagen will do everything it can to develop and implement the most stringent compliance and governance standards in our industry."

Müller went on to say the company's innovative strength, strong brands and highly motivated employees will allow Volkswagen to "emerge from this crisis stronger than before."

Matthias Müller named CEO of Volkswagen