Jump to content
Sign in to follow this  
William Maley

VW News: Volkswagen CEO Martin Winterkorn Steps Down

Recommended Posts


After an emergency meeting held today, Volkswagen CEO Martin Winterkorn announced his resignation amid allegations that the automaker manipulated their diesel vehicles to meet emissions regulations around the world.

 

"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 wrongdoing on my part," said Winterkorn in a statement.

 

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

 

Since the announcement of Volkswagen's illegal software, the company had lost more than $26 billion in value over the last two days in the stock market.

 

In a statement released by Volkswagen's Supervisory Board, a successor to Winterkorn will be considered at a meeting this Friday. The board also says in their statement that more people could be facing serious trouble in light of this scandal.

 

Source: Volkswagen

 

Press Release is on Page 2


 

Statement by Prof. Dr. Winterkorn
"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."

 

Statement from the Executive Committee of Volkswagen AG's Supervisory Board

 

In a meeting on Wednesday, September 23, the Executive Committee of the Supervisory Board of Volkswagen AG discussed in detail the manipulation of emissions data of Volkswagen Group diesel engines and came to the following conclusions:

  1. The Executive Committee takes this matter extremely seriously. The Executive Committee recognizes not only the economic damage caused, but also the loss of trust among many customers worldwide.
  2. The Executive Committee agrees that these incidents need to be clarified with great conviction and that mistakes are corrected. At the same time, the Executive Committee is adamant that it will take the necessary decisive steps to ensure a credible new beginning.
  3. The Executive Committee has great respect for Chairman Professor Dr. Winterkorn's offer to resign his position and to ask that his employment agreement be terminated. The Executive Committee notes that Professor Dr. Winterkorn had no knowledge of the manipulation of emissions data. The Executive Committee has tremendous respect for his willingness to nevertheless assume responsibility and, in so doing, to send a strong signal both internally and externally. Dr. Winterkorn has made invaluable contributions to Volkswagen. The company's rise to global company is inextricably linked to his name. The Executive Committee thanks Dr. Winterkorn for towering contributions in the past decades and for his willingness to take responsibility in this criticall phase for the company. This attitude is illustrious.
  4. Recommendations for new personnel will be presented at the upcoming meeting of the Supervisory Board this Friday.
  5. The Executive Committee is expecting further personnel consequences in the next days. The internal Group investigations are continuing at a high tempo. All participants in these proceedings that has resulted in unmeasurable harm for Volkswagen, will be subject to the full consequences.
  6. The Executive Committee have decided that the company will voluntarily submit a complaint to the State Prosecutors' office in Brunswick. In the view of the Executive Committee criminal proceedings may be relevant due to the irregularities. The investigations of the State Prosecutor will be supported in all form from the side of Volkswagen.
  7. The Executive Committee proposes that the Supervisory Board of Volkswagen AG create a special committee, under whose leadership further clarifying steps will follow, including the preparation of the necessary consequences. In this regard, the Special Committee would make use of external advice. Further details about this will be decided at the Supervisory Board meeting on Friday.
  8. The Executive Committee is aware that coming to terms with the crisis of trust will be a long term task that requires a high degree of consistency and thoroughness.
  9. The Executive Committee will work on these tasks together with the employees and the Management Board. Volkswagen is a magnificent company that depends on the efforts of hundreds of thousands of people. We consider it our task that this company regains the trust of our customers in every respect.


View full article

Share this post


Link to post
Share on other sites

I wager this whole ordeal is diesel's second death knell in North America's passenger car market. 

 

VW single-handedly overcame the stigma attached to the diesels of yore, indirectly allowing companies like GM the ability to finally break back into the market. The coming Cruze diesel owes its existence to positive perceptions earned by VW.  

 

Now everyone feels duped. By the time VW can even regain any trust, diesel will have been usurped by hybrids and electrics. 

  • Upvote 1

Share this post


Link to post
Share on other sites

Your content will need to be approved by a moderator

Guest
You are commenting as a guest. If you have an account, please sign in.
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  



  • Social Stream

  • Similar Content

    • By William Maley
      In Europe, Volkswagen offers a couple of plug-in hybrid models such as the Golf GTE. But don't expect any those plug-in hybrids to come to the U.S.
      "It's a bridging technology," between internal-combustion and full-electric cars, said Matthew Renna, Volkswagen North America Region's vice president of e-mobility yesterday at the Chicago Auto Show.
      "It's very cost-prohibitive to have two different powertrains on one platform."
      Volkswagen has made no secret about their electric car ambitions, with plans to launch a full lineup within the next few years. While Europe will get a small hatchback based on I.D. Concept, the U.S. will get a production version of the Crozz concept. Volkswagen is also planning on selling their upcoming EVs in all 50 states, not only in those that require automakers to sell certain number of EVs.
      "The plan is to sell nationwide. The goal is a nationwide roll-out ASAP," said Renna.
      Source: Roadshow

      View full article
    • By William Maley
      In Europe, Volkswagen offers a couple of plug-in hybrid models such as the Golf GTE. But don't expect any those plug-in hybrids to come to the U.S.
      "It's a bridging technology," between internal-combustion and full-electric cars, said Matthew Renna, Volkswagen North America Region's vice president of e-mobility yesterday at the Chicago Auto Show.
      "It's very cost-prohibitive to have two different powertrains on one platform."
      Volkswagen has made no secret about their electric car ambitions, with plans to launch a full lineup within the next few years. While Europe will get a small hatchback based on I.D. Concept, the U.S. will get a production version of the Crozz concept. Volkswagen is also planning on selling their upcoming EVs in all 50 states, not only in those that require automakers to sell certain number of EVs.
      "The plan is to sell nationwide. The goal is a nationwide roll-out ASAP," said Renna.
      Source: Roadshow
    • By William Maley
      Next year will see Volkswagen unveil the next-generation Golf GTI. It was reported that the model would utilize a mild-hybrid setup to boost fuel economy and improve low-end response. This decision was made under the leadership of former Volkswagen chairman Matthias Müller and would have become the flagship model for a new range of mild-hybrid models badged as IQ. But a new report from Autocar says the new chairman, Herbert Diess has canned the powertrain.
      No reason was given as to why this decision was reversed. Volkswagen is still planning to do mild-hybrid versions of the standard Golf that will utilize a 48-Volt electrical system.
      Autocar says the next-generation GTI will use an updated version of the turbocharged 2.0L four-cylinder producing either 252 or 286 horsepower. The current model in the U.S. punches out 227 horsepower. A six-speed manual or seven-speed dual-clutch will be the available transmissions.
      Source: Autocar

      View full article
    • By William Maley
      Next year will see Volkswagen unveil the next-generation Golf GTI. It was reported that the model would utilize a mild-hybrid setup to boost fuel economy and improve low-end response. This decision was made under the leadership of former Volkswagen chairman Matthias Müller and would have become the flagship model for a new range of mild-hybrid models badged as IQ. But a new report from Autocar says the new chairman, Herbert Diess has canned the powertrain.
      No reason was given as to why this decision was reversed. Volkswagen is still planning to do mild-hybrid versions of the standard Golf that will utilize a 48-Volt electrical system.
      Autocar says the next-generation GTI will use an updated version of the turbocharged 2.0L four-cylinder producing either 252 or 286 horsepower. The current model in the U.S. punches out 227 horsepower. A six-speed manual or seven-speed dual-clutch will be the available transmissions.
      Source: Autocar
    • By William Maley
      Saying he wants to give a fresh start for the Nissan-Renault alliance, Nissan CEO Hiroto Saikawa has announced that he'll be stepping down as CEO in the coming months. In the meantime, Saikawa will be focusing on "reforming the poor governance" that weakened the Japanese automaker before leaving.
      Saikawa has been leading the charge of ousting former Nissan Chairman and CEO Carlos Ghosn, a bit surprising since Saikawa was a protege of Ghosn. As we reported a month ago in the rumorpile , the relationship between Saikawa and Ghosn has been strained due to the two clashing on various issues. There was talk about Ghosn ousting Saikawa during a board meeting in November, but that would not happen as Ghosn would be arrested before it.
      Saikawa's reign as Nissan CEO has been problematic with a number of vehicles being recalled in Japan due to improper inspections and declining sales in the U.S.
      Source: Bloomberg

      View full article
  • My Clubs

  • Recently Browsing

    No registered users viewing this page.

  • Reader Rides

About us

CheersandGears.com - Founded 2001

We ♥ Cars

Get in touch

Follow us

Recent tweets

facebook

×