Volkswagen CEO steps down amid major scandal

VOLKSWAGEN CEO Martin Winterkorn has resigned, just days after revealing that they had fitted more than 11 million of its vehicles with devices that can cheat pollution tests

Winterkorn, 68, resigned following a crisis meeting of the Volkswagen supervisory board’s executive committee.

He had been the boss of the auto giant since 2007.


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The revelation that VW used software to deceive U.S regulators measuring toxic emissions in some of its diesel cars, sent Volkswagen shares plummeting by 23 percent on Monday.

The stock tumbled another 20 percent to a four-year low on Tuesday.

Winterkorn issued an apology, saying he was “endlessly sorry for the manipulation”.

The U.S. Environmental Protection Agency said the auto giant could face penalties of up to $18 billion.

 

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