Volkswagen To Dismiss New CEO Over Global Emissions Scandal - Replace With Porsche CEO

Volkswagen will dismiss Chief Executive Martin Winterkorn, a German newspaper said on Tuesday, after the carmaker admitted to cheating U.S. vehicles emissions tests and said 11 million of its cars could be affected worldwide.

The Tagesspiegel newspaper, citing unidentified sources on Volkswagen's supervisory board, said Winterkorn would be replaced by Matthias Mueller, the head of the carmaker's Porsche sports car business.

A Volkswagen spokesman denied the report. A spokesman for Porsche said Mueller was attending a Volkswagen board meeting at its headquarters in Wolfsburg.

Shares in Europe's biggest carmaker plunged almost 20 percent on Monday after it admitted using software that deceived U.S. regulators measuring toxic emissions in some of its diesel cars.

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asafianow - 9/22/2015 10:08:19 AM

+3 Boost

Stock plummeted over 20% this morning... I'd say that's a reason for dismissal. Maybe I'll buy if it goes under $20/share ;)

PUGPROUD - 9/22/2015 10:54:35 AM

+3 Boost

This will only get worse...both countries around the world and consumers will sue. Likely cost to VW well over $20 billion, loss
of reputation and years of litigation. Not a pretty picture but a well deserved punishment considering its actions.

GermanNut - 9/22/2015 12:47:11 PM

+4 Boost

I said yesterday that Martin Winterkorn would not be able to survive this scandal and looks like he will indeed lose his job. This is the right move by the Board of Directors to ensure that Volkswagen moves on with a new leader.

randy3023 - 9/22/2015 3:44:23 PM

-1 Boost

Other than poor fools duped into the sneaky financing offering low payments, who buys Volkswagens anymore?

MDarringer - 9/22/2015 7:35:57 PM

+1 Boost

I am laughing to the bank.

GermanNut - 9/23/2015 11:23:09 AM

+1 Boost

Dr. Martin Winterkorn has officially resigned as CEO of Volkswagen.