Volkswagen CEO Martin Winterkorn has agreed to step aside amidst the growing emissions scandal. In a statement Wednesday, Winterkorn said, “Volkswagen needs a fresh start — also in terms of personnel. I am clearing the way for this fresh start with my resignation,” according to the Associated Press.
The disgraced CEO said that he made the decision, “in the interests of the company,” despite the fact that he maintains he was, “not aware of any wrongdoing on my part.” This comes after a report published last Friday by the Environmental Protection Agency found that Volkswagen had deliberately engineered technology that helped them cheat emission testing during production, something the company admitted on Tuesday had affected 11 million of their vehicles.
Volkswagen shares have taken a huge hit over the past few days, and are down over 140 points from their March high of 255. Volkswagen has already prepared a fund of $7.3 billion to deal with the legal ramifications facing them. They could also face up to $18 billion in fines from the EPA.
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