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Volkswagen Group CEO Resigns In Wake of Diesel Fiasco

We’re just hearing word that Volkswagen Group CEO Dr. Martin Winterkorn has tendered his resignation. The move comes as part of the fallout of the ongoing fiasco surrounding the admission by Volkswagen to the US Environmental Protection Agency that aa flip switch that functionally puts the company’s 2.0 TDI models out of emissions compliance when not undergoing testing.

What’s becoming known as “dieselgate” is an ongoing serious problem for Volkswagen, as it appears set to pay billions in fines and likely class action lawsuits as well.

Below is the statement from Winterkorn posted by Volkswagen this morning.

“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.

Volkswagen needs a fresh start – also in terms of personnel. I am clearing the way for this fresh start with my resignation.

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.”

Interestingly, Winterkorn recently survived an attempted ousting by then supervisory board chairman Ferdinand Piech, and had recently renewed his contract with the Volkswagen Group to continue in his role. That, of course, is now moot as he has tendered his resignation and Volkswagen hopes the healing can begin.

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