Volkswagen’s supervisory board is set to announce a new CEO after Martin Winterkorn quit the job this week over an emissions-rigging scandal that’s rocking the world’s top-selling automaker.
Friday’s task for the 20-strong panel, which has the power to hire and fire top executives, is urgent. Does it go for a seasoned insider who knows the VW Group and its many brands inside-out or an untainted outsider with a track record for turning companies around?
VW is in the midst of probably its biggest crisis ever, its reputation for trustworthiness in tatters following last week’s disclosure that stealth software was used in its diesel cars to dupe US testers.
Matthias Mueller, the 62-yead-old head of VW’s Porsche unit, emerged as a favorite to take the job after Winterkorn quit.
Winterkorn, who had been CEO since 2007, said he took responsibility for the “irregularities” found by US inspectors in VW’s diesel engines, but insisted he had personally done nothing wrong.
Though the pressure on the company’s share price has eased, VW faces a mountain of difficulties – from class action lawsuits to fixing the software that it has said is in some 11 million cars worldwide, way more than the 482,000 identified last week by the US’ Environmental Protection Agency.