Volkswagen CEO resigns after emissions scandal

Martin Winterkorn, Volkswagen AG’s CEO, resigned yesterday after it was discovered the German motor vehicle company has been rigging emissions tests for their diesel vehicles.

The company has not announced who his successor will be, but plans to discuss the issue tomorrow. Winterkorn has said that he was "shocked" by the rigging of the emissions tests. "Above all, I am stunned that misconduct on such a scale was possible in the Volkswagen Group", Winterkorn said in a statement issued yesterday.

This resignation came after he issued an apology on Sunday about the emissions test rigging, which involved installing a program onto the company's diesel vehicles to manipulate test results. The program, referred to as a "defeat device", causes the vehicles to emit less nitrogen dioxide, a pollutant contributing to smog and possibly linked to asthma, during testing.

Volkswagen's share value has dropped by one third, The Toronto Star reported. The stock prices of France car manufacturers Citroen, Renault, and Peugeot have also dipped. The Associated Press states that this may be due to concerns other car manufacturers are also engaging in illegal acts.