Volkswagen CEO resigns over emissions scandal

Martin Winterkorn resigned as chief executive of Volkswagen on Wednesday, taking responsibility for an emissions cheating scandal that has gravely damaged the carmaker’s reputation and may spread to the German economy.

“As CEO, I accept responsibility for the irregularities that have been found in diesel engines,” Winterkorn, 68, who had headed the company since 2007, said in a statement.

But he continued to insist that he personally had committed no misconduct.

“I am not aware of any wrongdoing on my part,” he said.

Volkswagen shares, which had been up Wednesday after two days of steep declines, remained nearly 6 percent higher on the news. But they were still about 25 percent below the closing price in Frankfurt on Friday, before news of the scandal broke.

Winterkorn’s resignation came less than a week after the company admitted that some diesel cars in the United States contained software designed to evade emissions tests. And it came a day after he issued a videotaped apology in what was an attempt to salvage the situation, and perhaps his job. On Tuesday, Volkswagen said 11 million cars worldwide contained the software, although the company did not clarify whether it was also used to deceive regulators in other countries.

Separately, representatives of Volkswagen’s supervisory board said they would refer the case to German prosecutors for possible criminal prosecution. But they also said they did not believe that Winterkorn had any knowledge of the manipulation.

An executive committee of the supervisory board did not immediately name a successor.

Winterkorn’s resignation came after a daylong meeting of the executive committee, which includes the company’s main shareholders.

“In the view of the executive committee, criminal proceedings may be relevant due to the irregularities,” the panel said in a statement. It said that Volkswagen would cooperate fully with any investigation.

This story was originally published September 23, 2015 at 10:24 AM with the headline "Volkswagen CEO resigns over emissions scandal."