Martin Winterkorn resigned as Chief Executive Officer of Volkswagen

Sep 24, 2015 16:01 IST

Martin Winterkorn on 23 September 2015 resigned as the Chief Executive Officer (CEO) of Volkswagen. Winterkorn's resignation came following the revelation that the carmaker manipulated US diesel car emissions tests.

Winterkorn, in his eight years service in the company, oversaw a doubling in Volkswagen's sales and an almost tripling in profit. He joined Volkswagen in the early 1990s in a quality-monitoring role, before working in product management, technical development and research roles.

He started his auto career in 1981 at Audi, serving on the board for quality assurance after an engineering stint with Bosch.

About the scandal hovering over Volkswagen
The world's second-largest carmaker Volkswagen is being engulfed by an emissions scandal which has wiped nearly 26 billion Euros off its market value this week.

Volkswagen admitted that it deceived US regulators in exhaust emissions tests by installing a device to give more positive results. It programmed its cars to detect when they were being tested and alter the running of their diesel engines to conceal their true emissions.

Around 11 million vehicles worldwide are involved and it is setting aside 6.5 billion euros to cover costs of the scandal. The case has sparked US criminal investigation and worldwide legal action with financial consequences for the company.

As per the US Environmental Protection Agency (EPA), Volkswagen could face penalties of up to 18 billion US dollars.

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