Sunday 4 December 2016

Scandal-hit Volkswagen confirm Matthias Mueller as new boss

Published 25/09/2015 | 18:30

Matthias Mueller, CEO of Porsche AG and Executive Board Member of Porsche Automobil Holding SE arrives for the company's annual news conference in Stuttgart, Germany, in this October 19, 2010 file photo. REUTERS/Alex Domanski/Files
Matthias Mueller, CEO of Porsche AG and Executive Board Member of Porsche Automobil Holding SE arrives for the company's annual news conference in Stuttgart, Germany, in this October 19, 2010 file photo. REUTERS/Alex Domanski/Files

Scandal-hit Volkswagen has announced Matthias Mueller as its new chief executive.

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The former Porsche boss replaces Martin Winterkorn, who stepped down in the wake of the emissions scandal that has rocked the automotive industry.

The Volkswagen board is also expected to dismiss high-level engineers and designers, although no further details have been released yet.

Mr Mueller's appointment was announced after the stock markets had closed so it is not possible to say exactly how investors will take the news, although it is fair to say his appointment was widely expected.

A Volkswagen Passat CC car is tested for exhaust emissions, at a MOT (Ministry of Transport) testing station in Walthamstow, north-east London
A Volkswagen Passat CC car is tested for exhaust emissions, at a MOT (Ministry of Transport) testing station in Walthamstow, north-east London

Read more: Volkswagen to appoint Porsche boss as new CEO

Volkswagen shares fell 4.3pc to €108 today, meaning the carmaker has lost about a third of its value, or €26bn, since the start of the crisis.

Earlier this week VW admitted to effectively rigging emission tests in the US, with up to 11 million cars affected. It later emerged that cars in Europe were also affected, although it remains unclear how many might be in the UK.

In response, the Department for Transport confirmed it would retest emissions on Volkswagen cars.

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