In a statement released minutes ago, Volkswagen AG said the departure was a result of a "mutual agreement." The company declined to elaborate but noted Horn will be leaving effective immediately.
Horn will be replaced by Hinrich J. Woebcken who will serve as Volkswagen Group of America President and CEO on an interim basis. Woebcken's name might not sound familiar but he has been serving as the Chairman of Volkswagen Group of America.
In a statement, Volkswagen brand CEO Herbert Diess said “I want personally to say ‘thank you’ to Michael Horn for the great work he has done for the brand and with the dealers in the United States." He went on to say Horn has "showed exemplary leadership during difficult times for the brand."
Horn has been serving as Volkswagen Group of America President and CEO for a little over two years and has spent over 25 years working at Volkswagen.
The departure comes at a bad time for Volkswagen as the company has until March 24 to disclose whether or not it has found a Dieselgate fix that will be accepted by U.S. regulators.