Winterkorn out!

VW Group CEO resigns in light of the diesel saga, replacement not yet confirmed

Volkswagen has announced what we all expected following the scandal surrounding its US diesels: CEO Martin Winterkorn is to leave the company.

Announcing his resignation this afternoon, Professor Doctor Winterkorn said: "I am shocked by the events of the past few days... 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." He maintains the company needs a fresh start that will begin with his resignation.

As yet there is nobody lined up to replace Winterkorn, with Porsche's Matthias Muller still tipped as most likely to head up VW from now on. More news when we have it!

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