VW emissions scandal: Winterkorn steps down as CEO
Source : VW emissions scandal: Winterkorn steps down as CEO
The 68-year-old boss to stand down, says “I am clearing the way for a fresh start”
Martin Winterkorn has announced his resignation as the chief executive of the Volkswagen Group with immediate effect, the company has announced, within the wake of the scandal about a software cheat in American NOx emissions tests.
The 68-year-old executive, who fought off Ferdinand Piech in a power struggle earlier This specific year, had been likely to have a fresh contract extension ratified by VW’s supervisory board at the end of This specific week.
However, a select group of board members – known as the presidium – met in Wolfsburg This specific morning. The panel comprised interim VW Group chairman Berthold Huber, Lower Saxony prime minister Stephan Weil, Wolfgang Porsche (representative of the VW Group’s largest single shareholder) in addition to two works council officials, Bernd Osterloh in addition to Stephan Wolf.
An official statement through Winterkorn said: “I am clearing the way for a fresh start”
More to follow.
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