(credit: Sean Gallup / Getty Images)

Update, 9/25: Porsche CEO Matthias Müller has been named the new CEO of Volkswagen Group by the company’s Supervisory Board. In a statement, Müller wrote, “My most urgent task is to win back trust for the Volkswagen Group—by leaving no stone unturned and with maximum transparency, as well as drawing the right conclusions from the current situation. Under my leadership, Volkswagen will do everything it can to develop and implement the most stringent compliance and governance standards in our industry.”
Update, 9/24: The Wall Street Journal reports that a source close to the matter has re-affirmed that Porsche CEO Matthais Müller will take over as head of Volkswagen Group. Rumors of Winterkorn’s resignation and Müller’s succession were reported on Monday, but Volkswagen denied the reports. Our original report on Winterkorn’s resignation is below.
Martin Winterkorn, the CEO of Volkswagen Group, resigned today amid a scandal involving the emissions control systems on Volkswagen and Audi diesel vehicles. According to Bloomberg, he could benefit from a $32 million pension on his way out. If the company’s supervisory board decides he is not responsible for the circumstances surrounding his exit, Winterkorn could also reap millions more in severance.
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