Volkswagen CEO Resigns Amid Scandal

PASSAIC COUNTY, N.J. -- Volkswagen CEO Martin Winterkorn will resign his position on Wednesday amidst a scandal surrounding the emissions of the company's diesel vehicles, according to CNBC.

Volkswagen CEO Martin Winterkorn.
Volkswagen CEO Martin Winterkorn. Photo Credit: Wikimedia Commons

The CEO, and the German automaker landed in hot water after allegations of cheating on U.S. air quality tests surfaced. The company also reportedly installed software called "defeat devices" on vehicles between 2008 and 2015, CNBC reported.

A successor will be named at a board meeting on Friday. Rumors point to Porsche President and CEO Matthias Muller and Audi head Rupert Stadler, CNBC said.

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