Martin Winterkorn, the CEO of Volkswagen, has resigned according to CNBC. The move comes after the discovery that the company was allegedly using software on 11 million of the company's vehicles to cheat emissions tests. The German car manufacturer said yesterday that it would have to set aside 6.5 billion ($7.3 billion) to cover the costs associated with the issue.
Just after the news broke, Winterkorn released a statement on the Volkswagen website:
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...