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Volkswagen CEO resigns over Dieselgate scandal

Discussion in 'Car Talk' started by Lorenzo Bonder, Sep 23, 2015.

  1. Lorenzo Bonder

    Lorenzo Bonder
    #forçaChape Staff

    VW-Martin-Winterkorn.jpg
    The CEO of Volkswagen, Martin Winterkorn, steps down from his role while the company faces one of its largest scandal in history.

    Amid all the turmoil caused by Dieselgate, Martin Winterkorn stepped down claiming that he "needs to accept responsability" even though he was not "aware of any wrongdoing" on his part.

    Below is his full statement:

    “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.

    Volkswagen needs a fresh start – also in terms of personnel. I am clearing the way for this fresh start with my resignation.

    I have always been driven by my desire to serve this company, especially our customers and employees. Volkswagen has been, is and will always be my life.

    The process of clarification and transparency must continue. This is the only way to win back trust. I am convinced that the Volkswagen Group and its team will overcome this grave crisis.”

    Right after his resignation, the Volkswagen Supervisory board released a statement reiterating that they don't think that Winterkorn wasn't aware of what was happening, however does say they're "expecting further personnel consequences in the next few days" and that "criminal proceedings may be relevant due to the irregularities."

    Below is the Board's statement:

    In a meeting on Wednesday, September 23, the Executive Committee of the Supervisory Board of Volkswagen AG discussed in detail the manipulation of emissions data of Volkswagen Group diesel engines and came to the following conclusions:

    1. The Executive Committee takes this matter extremely seriously. The Executive Committee recognizes not only the economic damage caused, but also the loss of trust among many customers worldwide.

    2. The Executive Committee agrees that these incidents need to be clarified with great conviction and that mistakes are corrected. At the same time, the Executive Committee is adamant that it will take the necessary decisive steps to ensure a credible new beginning.

    3. The Executive Committee has great respect for Chairman Professor Dr. Winterkorn’s offer to resign his position and to ask that his employment agreement be terminated. The Executive Committee notes that Professor Dr. Winterkorn had no knowledge of the manipulation of emissions data. The Executive Committee has tremendous respect for his willingness to nevertheless assume responsibility and, in so doing, to send a strong signal both internally and externally. Dr. Winterkorn has made invaluable contributions to Volkswagen. The company’s rise to global company is inextricably linked to his name. The Executive Committee thanks Dr. Winterkorn for towering contributions in the past decades and for his willingness to take responsibility in this criticall phase for the company. This attitude is illustrious.

    4. Recommendations for new personnel will be presented at the upcoming meeting of the Supervisory Board this Friday.

    5. The Executive Committee is expecting further personnel consequences in the next days. The internal Group investigations are continuing at a high tempo. All participants in these proceedings that has resulted in unmeasurable harm for Volkswagen, will be subject to the full consequences.

    6. The Executive Committee have decided that the company will voluntarily submit a complaint to the State Prosecutors’ office in Brunswick. In the view of the Executive Committee criminal proceedings may be relevant due to the irregularities. The investigations of the State Prosecutor will be supported in all form from the side of Volkswagen.

    7. The Executive Committee proposes that the Supervisory Board of Volkswagen AG create a special committee, under whose leadership further clarifying steps will follow, including the preparation of the necessary consequences. In this regard, the Special Committee would make use of external advice. Further details about this will be decided at the Supervisory Board meeting on Friday.

    8. The Executive Committee is aware that coming to terms with the crisis of trust will be a long term task that requires a high degree of consistency and thoroughness.

    9. The Executive Committee will work on these tasks together with the employees and the Management Board. Volkswagen is a magnificent company that depends on the efforts of hundreds of thousands of people. We consider it our task that this company regains the trust of our customers in every respect.

    It is still uncertain who will replace Winterkorn as Volkswagen's CEO. Martin Mueller, Porsche's CEO (the company is owned by Volkswagen AG) was initially rumored to take his place, but nothing has been confirmed thus far.

    What this could mean for the largest car maker in the world down the road is still unknown but keep tuned here at RaceDepartment for all developments of Volkswagen and Dieselgate.
     
    • Like Like x 2
  2. Bram

    Bram
    Roaring Pipes Maniacs | #27 Staff Premium Member

    I have a feeling this F1 deal is not going to happen. VW need their money elsewhere.
     
    • Agree Agree x 1
  3. Andrew

    Andrew
    Global Moderator Staff Premium Member

    His yearly payment was 16 Million Euros. And he gets 28 Million Euros , because he resigned. So, that guy doesn't realy care. He will fall on his *golden* feet again very soon.
     
  4. Bram

    Bram
    Roaring Pipes Maniacs | #27 Staff Premium Member

    That must be a weird feeling, to be responsible for the largest mess up in the history of the company and then get rewarded with a golden handshake.
     
  5. Lorenzo Bonder

    Lorenzo Bonder
    #forçaChape Staff

  6. how on earth did they think they'd get away with fake emissions.
    appalled :O_o:
     
  7. Arne Dopudja

    Arne Dopudja
    Leader of the infamous Chevy Gang.

    Yes he got some money for leaving, probably contractual and as a reward for cooperating. Standard procedure. But the important thing is, the man stands behind his company and quit respectfully. Here in our country when someone makes such things, they get rewarded and still keep their position because why not cheat and steal some more?
     
  8. Who didn't see this coming?
    Obviously the 'push' is on to remake VW's image.
    That means the CEO 'under' the scandal has to go.
    These guys get mega pay-outs on leaving...it's just the nature of today's business model.
    He's probably on the board of a few other companies, so he won't be begging anytime soon.
     
  9. I don't think it is called standing behind his company and quitting respectfully when you get 24 millions extra when you leave the company. What he did was take the money and run. The gesture could be respectable had he actually made the right thing regardless of the bad consequences but from his point of view all he did was seize the opportunity to earn 24 millions and free holiday.
     
  10. Arne Dopudja

    Arne Dopudja
    Leader of the infamous Chevy Gang.

    There was no-one to fire him, so he fired himself. If you get released form a contract, you get additional money, this is how it is pretty much everywhere. Sure, 24 mil is no small ammount, but at 16 mil annual salary, it's not so much. And he is now unemployed.

    I get your point, but he didn't do the worst thing possible.