RE: Winterkorn out!

Wednesday 23rd September 2015

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!

 

 

Author
Discussion

Escort Si-130

Original Poster:

3,269 posts

179 months

Wednesday 23rd September 2015
quotequote all
I wouldn't want to be the guy replacing him; could be many sleepless nights ahead.....

vtecyo

2,122 posts

128 months

Wednesday 23rd September 2015
quotequote all
Time to buy some shares

Chris Stott

13,185 posts

196 months

Wednesday 23rd September 2015
quotequote all
Escort Si-130 said:
I wouldn't want to be the guy replacing him; could be many sleepless nights ahead.....
As long as whoever replaces him hasn't had anything to do with this, why not?

Sure, it's not an easy job, but I'm sure the truly enormous salary and benefits package will be adequate compensation.

Lowtimer

4,286 posts

167 months

Wednesday 23rd September 2015
quotequote all
I wouldn't buy shares until we see how vindictive the US is going to be in terms of fines. They are quite capable of driving the company to the edge of extinction if it suits them, and the US car markers are not without political influence.

PhantomPH

4,043 posts

224 months

Wednesday 23rd September 2015
quotequote all
Article said:
Professor Doctor Winterkorn
'Professor Doctor' as a title? I'm not entirely sure that's a thing....

300bhp/ton

41,030 posts

189 months

Wednesday 23rd September 2015
quotequote all
Never understand how it is acceptable to get rid of the bloke at the top.

Firstly they are unlikely to be directly involved in most lower happenings of a company. Secondly, they should be made responsible by STAYING and sorting it out. Not palming if off to somebody else.

PhantomPH

4,043 posts

224 months

Wednesday 23rd September 2015
quotequote all
Chris Stott said:
Escort Si-130 said:
I wouldn't want to be the guy replacing him; could be many sleepless nights ahead.....
As long as whoever replaces him hasn't had anything to do with this, why not?

Sure, it's not an easy job, but I'm sure the truly enormous salary and benefits package will be adequate compensation.
I'll do it. Where do I offer my services?

Ollywood

173 posts

140 months

Wednesday 23rd September 2015
quotequote all
Lowtimer said:
I wouldn't buy shares until we see how vindictive the US is going to be in terms of fines. They are quite capable of driving the company to the edge of extinction if it suits them, and the US car markers are not without political influence.
Yep, BP barely made it. We'll see what happens to VW... and US elections coming... it's going to be messy.

James72911

189 posts

196 months

Wednesday 23rd September 2015
quotequote all
Dr Piech back to save the day?!

Chris Stott

13,185 posts

196 months

Wednesday 23rd September 2015
quotequote all
Lowtimer said:
I wouldn't buy shares until we see how vindictive the US is going to be in terms of fines. They are quite capable of driving the company to the edge of extinction if it suits them, and the US car markers are not without political influence.
The US government haven't exactly been tough with GM over their ignition switch debacle which is claimed to be directly responsible for 93 deaths... but of course they are a US company, not a nasty foreigner.

PhantomPH

4,043 posts

224 months

Wednesday 23rd September 2015
quotequote all
kapiteinlangzaam said:
PhantomPH said:
Article said:
Professor Doctor Winterkorn
'Professor Doctor' as a title? I'm not entirely sure that's a thing....
You misunderstand; his first name is Doctor.
biggrin :golfclap:

leglessAlex

5,384 posts

140 months

Wednesday 23rd September 2015
quotequote all
PhantomPH said:
Article said:
Professor Doctor Winterkorn
'Professor Doctor' as a title? I'm not entirely sure that's a thing....
They're very fond of titles in Germany, professor is usually added in addition to doctor instead of replacing it.

I wonder did Piech(spelling?) know this was coming?

rohrl

8,712 posts

144 months

Wednesday 23rd September 2015
quotequote all
PhantomPH said:
'Professor Doctor' as a title? I'm not entirely sure that's a thing....
It is in Germany.

He could quite legitimately be addressed as "Herr Professor Doktor"

redddraggon

268 posts

128 months

Wednesday 23rd September 2015
quotequote all
PhantomPH said:
'Professor Doctor' as a title? I'm not entirely sure that's a thing....
It's a German thing. The CEO of my (German) company is also a Professor Doctor.

AREA

497 posts

224 months

Wednesday 23rd September 2015
quotequote all
kapiteinlangzaam said:
You misunderstand; his first name is Doctor.
Professor Doctor Doctor? How did that happen, did he take the exams twice (sorry Basil!)

Not sure whether his resignation is a great demonstration of accountability or if he is walking away from what will become a very ugly situation and so demonstrating a lack of accountability !

oldtimer2

728 posts

132 months

Wednesday 23rd September 2015
quotequote all
The US website, The Truth About Cars, is quoting a statement by the VW Supervisory Board`s Executive Committee "notes that Professor Dr Winterkorn had no knowledge of the manipulation of emissions data". No doubt in an attempt to deflect responsibility they say they will submit a complaint to the State Prosecutor`s office in Brunswick because "criminal proceedings may be relevant".

oldtimer2

728 posts

132 months

Wednesday 23rd September 2015
quotequote all
His resignation was unavoidable step, even if he was not personally aware. It happened on his watch.

The reputational and cost consequences for VW and the VAG group look dire. But there is sure to be fall out for the rest of the European industry too. Diesel engines are significant - in the UK it is reported that about three quarters of all UK engine production is diesel. After being pushed in the direction of diesel by the environmental lobby and EU regulation and taxation over the past decade or more, there are already the first stirrings of a backlash against polluting diesels by environmental lobbyists. It this succeeds then the industry and us, the consumers, can expect changes to current tax incentives and emissions standards and testing - and manufacturers will be in yet another round of re-engineering. None of this will come cheap. Pause for thought if you are thinking of or about to buy a new car.

NelsonP

240 posts

138 months

Wednesday 23rd September 2015
quotequote all
300bhp/ton said:
Never understand how it is acceptable to get rid of the bloke at the top.

Firstly they are unlikely to be directly involved in most lower happenings of a company. Secondly, they should be made responsible by STAYING and sorting it out. Not palming if off to somebody else.
Agree 100% with the staying and sorting it out bit....but politics makes his departure inevitable.
Merkel probably phoned him up personally and told him to fall on his sword. The cynic in me suspects he may have been offered some 'generous incentives' to go quietly.


Low Pro

200 posts

160 months

Wednesday 23rd September 2015
quotequote all
Wow VWs have become more interesting!!! For the wrong reasons
Wonder if this will affect
Audi
Seat
Skoda
Because lets face it they are all pretty much the same!!

Brompty

153 posts

143 months

Wednesday 23rd September 2015
quotequote all
Low Pro said:
Wow VWs have become more interesting!!! For the wrong reasons
Wonder if this will affect
Audi
Seat
Skoda
Because lets face it they are all pretty much the same!!
And the rest. It would be naive to think this is just VAG. Are there any cars with real world results with emissions tests? Was there not a Porsche (I know - part of the same group) Panamera that returned more than 100 mpg. The enovironmental damage will be huge too and this will be across continents. Bye bye VAG?