Volkswagen names Porsche boss Matthias Mueller as chief executive
Volkswagen has enlisted Matthias Mueller as its new chief executive as it looks to rebuild its reputation following the emissions scandal.
Mueller, previously CEO of VW-owned Porsche, steps up to the task after the resignation of Martin Winterkorn, stating that VW can emerge stronger in spite of the crisis.
Since being caught rigging the emissions of at least 11 million of its diesel-fuelled cars by the US Environmental Protection Agency (EPA), a third of the German-company’s market value has been wiped out.
In a statement, Mueller said: “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.”
Berthold Huber, interim chairman of the supervisory board of Volkswagen, added: "Matthias Müller is a person of great strategic, entrepreneurial and social competence.
"He knows the group and its brands well and can immediately engage in his new task with full energy. We expressly value his critical and constructive approach."
Mueller will also keep his position as Porsche CEO until a suitable replacement is found.