.gif)
 |
| VW CEO Martin Winterkorn |
CEO Martin Winterkorn’s resignation follows few
days after Friday’s disclosure by the U.S. Environmental Protection Agency that
Europe’s biggest auto maker employed software on some VW and Audi diesel-powered
cars to manipulate the results of routine emissions tests.
On Tuesday, Volkswagen disclosed that as many as 11 million
cars contained software alleged to have duped emissions tests and were possibly
subject to a global recall. The company issued a profit warning and disclosed a
€6.5 billion ($7.27 billion) charge to earnings to cover the costs of
addressing the matter.
In an official statement released yesterday, the 68-year old
head of the Volkswagen car company said he would be leaving to make way for a
fresh start, following news that VW admitted to a code in its diesel engine
software that skewed emissions.
“I
am shocked by the events of the past few days,” he said. “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 on terms of personnel. I am clearing the way for this
fresh start with my resignation,” he said.
Volkswagen
has not named a successor, but German media suggests Matthias Muller, boss of Porsche,
is the favoured candidate.
Regulators
in America have charged VW with cheating emissions tests, a charge affecting
nearly half a million cars sold over the past seven years.
The
problem centers around a code buried within Volkswagen’s 2.0-litre diesel
engine software. The code detects when it is being driven on an emissions test
cycle, and turns on its full controls. The controls are reduced elsewhere,
emitting more NOx.
He knows that is the right thing to do. Auto buyers should be able to trust their manufacurers and the specifications they get from them
ReplyDeleteThat's true.
ReplyDelete