Published on September 23rd, 2015 | by Daniel Sherman Fernandez0
Volkswagen CEO, Winterkorn Resigns
Volkswagen CEO has just resigned, this Wednesday, taking responsibility for the German carmaker’s rigging of US emissions tests in the biggest scandal in its 78-year history. “Volkswagen needs a fresh start, also in terms of personnel. I am clearing the way for this fresh start with my resignation,” Winterkorn said in a statement. He said he was shocked by events of the past few days, above all that misconduct on such a massive scale was possible at the company.
A five-member executive committee had grilled Winterkorn, 68, since morning at the company’s headquarters in Wolfsburg, Germany. The company was under huge pressure to take decisive action, with its shares down more than 30 per cent in value since the crisis broke, and the bad news still coming.
Diesel engines account for less than 3 per cent of new cars sold in the United States but around half of cars in Europe, where governments have encouraged their use to meet fuel efficiency and greenhouse gas targets. Their biggest selling point is their fuel economy and low carbon emissions compared to standard gasoline engines. But they also emit far more nitrogen dioxide, a toxic gas blamed for health problems.