Winterkorn Resigns as VW’s CEO

Martin Winterkorn has resigned as CEO of Volkswagen Group to "clear the way for a fresh start" by the company after it admitted manipulating U.S. diesel engine emission tests.

Winterkorn, who has headed product development for the company, describes his departure as "the only way to win back trust."

VW's supervisory board praises Winterkorn's "towering contributions" to the company's growth. The group says it will consider a replacement CEO when it meets on Friday, noting it expects "further personnel consequences" in the next several days.

Winterkorn insists he is unaware of personal wrongdoing related to the scandal. The board concurs, but skeptics claim it would be difficult for him not to know of such a complex international subterfuge that began at least six years ago.

VW admits it rigged the emission control systems of some 11 million 4-cylinder diesels sold worldwide to help them pass government tests before switching to dirtier operation in real-world driving. The company has set aside €6.4 billion to pay for making amends.

The rapidly expanding crisis has spawned dozens of investigations and lawsuits, cast doubt over diesels and tarnished the image of the German auto industry. It also has created an investor backlash that has wiped out about €24 billion of the group's market value so far this week.