Volkswagen CEO Resigns Over Unethical Conduct

Posted by African Examiner Business News, Latest Headlines Wednesday, September 23rd, 2015

BALTIMORE, MD (AFRICAN EXAMINER) – The Chief Operating Officer of the world’s biggest car manufacturer, Volkswagen (VW), Mr. Martin Winterkorn has resigned from his position, after the automobile giant was found guilty of manipulating the US diesel car emission test.

Just last week, VW admitted that it deceived US regulators in exhaust emissions tests by installing a device to give more positive results.

The emerging details of the scam seemed strange to Mr. Winterkorn, hence decision to step aside, saying he was “shocked” by recent events and that the firm needed a “fresh start”.

He restated he was “stunned” at the scale of the misconduct in the group, but that he was confident that VW would overcome the saga.

“The process of clarification and transparency must continue. This is the only way to win back trust,” Winterkorn insisted.

The former CW CEO however indicated he was “not aware of any wrong doing” on his part, but was acting in the interest of the company.

In the meantime, the automobile multinational supervisory board has assured that it would soon name Winterkorn’s successor.

In a statement issued by the Supervisory board, it was confirmed that the announcement is billed for Friday, indicating that, further personnel consequences were being expected in days to come, as the outcome of investigations emerge.

“The internal group investigations are continuing at a high tempo.

“All participants in these proceedings that has resulted in immeasurable harm for Volkswagen will be subject to the full consequences” the statement declared.

Following the revealed situation, VW has set aside €6.5bn (£4.7bn) to cover the costs of the scandal, while later indicated that it affected 11 million vehicles worldwide.