Volkswagen chief executive Martin Winterkorn resigns

Volkswagen chief executive Martin Winterkorn has resigned following the revelation that the firm manipulated US diesel car emissions tests.

Mr Winterkorn said he was "shocked" by recent events and that the firm needed a "fresh start".
He added that he was "not not aware of any wrong doing on my part" but was acting in the interest of the company.
VW has already said that it is setting aside €6.5bn (£4.7bn) to cover the costs of the scandal.
The world's biggest carmaker admitted last week that it deceived US regulators in exhaust emissions tests by installing a device to give more positive results.

The company said later that it affected 11 million vehicles worldwide.

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Media caption How do you test a car's emissions?

'Stunned'

"I am clearing the way for a fresh start with my resignation," Mr Winterkorn said in his statement.
He said he was "stunned" at the scale of the misconduct in the group but that he was confident that VW would overcome this "grave crisis".
"The process of clarification and transparency must continue. This is the only way to win back trust," he continued.

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Media caption Berthold Huber said there had been ''damage to trust'' among VW's customers

In a separate statement, the supervisory board said they would announce Mr Winterkorn's successor at a board meeting on Friday, adding that it was "expecting further personnel consequences in the next days" as a result of its own investigations.
"The internal group investigations are continuing at a high tempo," it said.
"All participants in these proceedings that has resulted in unmeasurable harm for Volkswagen will be subject to the full consequences."

The board also said that it would voluntarily submit a complaint to the state prosecutors.
"In the view of the Executive Committee criminal proceedings may be relevant due to the irregularities," its statement said.
German public prosecutors have already said they are considering an investigation, with US authorities also said to be planning criminal investigations.
In addition, VW faces fines of up to $18bn by the regulator, the Environmental Protection Agency (EPA).
Its shares have tumbled some 30% since the beginning of the week in response to the scandal.

This story was sourced from http://www.bbc.com/news/business-34340997