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Martin Winterkorn has officially resigned as Volkswagen CEO

Martin Winterkorn (pictured below) has resigned as CEO from Volkswagen on Wednesday 23rd September, due to the emission scandal that broke out late last week.

Martin Winterkorn has been CEO of VW since 2007
He released a statement today stating "Volkswagen need a fresh start - also in terms of personnel. I am clearing the way for this fresh start with my resignation." Winterkorn accepted responsibility about the emission rigging, stating, "As C.E.O. I accept responsibility for the irregularities that have been found in diesel engines." However, he stands firm that he personally had nothing to do with the 'default device' and that he wasn't personally involved.

VW's shares have plummeted since the scandal broke, down by 20% this week
Not only do Volkswagen have to worry about the company itself and all the potential fines it could be paying, there are worries that the scandal may have an impact on Germany's economy, as the country centres around the car manufacturer.



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