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Update, 9/24: The Wall Street Journal reports that a source close to the matter has re-affirmed that Porsche CEO Matthais Müller will take over as head of Volkswagen Group. Rumors of Winterkorn’s resignation and Müller’s succession were reported on Monday, but Volkswagen denied the reports. Our original report on Winterkorn’s resignation is below.
Martin Winterkorn, the CEO of Volkswagen Group, resigned today amid a scandal involving the emissions control systems on Volkswagen and Audi diesel vehicles. According to Bloomberg, he could benefit from a $32 million pension on his way out. If the company’s supervisory board decides he is not responsible for the circumstances surrounding his exit, Winterkorn could also reap millions more in severance.
In his notice of resignation, published on Volkswagen’s website, Winterkorn wrote, “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.”
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