CEO of VW Martin Winterkorn ‘accepts responsibility’ for scandal and resigns

Martin Winterkorn has stepped down from his position as CEO of Volkswagen (VW) following the uncovered rigging of emissions tests for around 11 million cars.

Volkswagen swindled emission tests by rigging the cars with illegal software which was deactivated while driving and activated when undergoing emissions tests. When enabled, the software altered  the running of diesel engines in order to disguise true emissions, producing fraudulent results.

Winterkorn has been grilled by an executive committee at the company’s headquarters in Wolfsburg, Germany. With shares down overs 30 per cent and counting, the company was under severe pressure to make a decision.

The former CEO issued a statement saying he is “shocked by the events”. As well as claiming that he was “not aware of any wrong doing” on his part he is “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 convinced that the Volkswagen Group and its team will overcome this grave crisis.”

Rumours circulating suggest that Porsche CEO Martin Müeller is a potential candidate to replace Winterkorn.

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