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WOLFSBURG , Germany, Sept. 23 (UPI) -- Volkswagen CEO Martin Winterkorn announced his resignation Wednesday after the company was caught faking emissions data. The announcement came after Winterkorn met with Volkswagen's supervisory board. The value of stock shares in the company rose soon after.
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German prosecutors have joined other governments in investigating Volkswagen after the United States' Environmental Protection Agency released information that certain four-cylinder diesel vehicles sold worldwide by Volkswagen and Audi had software installed that could trick testing devices into recording lower emissions data than the engines actually produced. The news also rattled the confidence in the company of customers who believed they purchased low emission-emitting vehicles from an environmentally enlightened manufacturer.
In his announcement, Winterkorn took no blame but called for a "fresh start."
"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. As CEO I accept responsibility for the irregularities that have been found in diesel engines and have therefore requested the Supervisory Board to agree on terminating my function as CEO of the Volkswagen Group. I am doing this in the interests of the company even though I am not aware of any wrong doing on my part."
No successor has been named.
