Volkswagen U.S. Chief Michael Horn Out After 'Dieselgate' Scandal

The latest developments in the 'Dieselgate' scandal suggest that Michael Horn, Volkswagen's U.S. Chief and Dr Heinz-Jakob Neusser, Head of Product Development, will both be leaving the company.
Author:
Publish date:

The latest developments in the 'Dieselgate' scandal suggest that Michael Horn, Volkswagen's U.S. Chief and Dr Heinz-Jakob Neusser, Head of Product Development, will both be leaving the company, that's according to people familiar with the matter. The departures are set to be announced on Friday at the Volkswagen board meeting. The move follows the resignation of Volkswagen's global CEO Martin Winterkorn, after it was revealed that the company cheated on emissions tests using software installed in over 11 million diesel cars. Engines sold and marketed at higher price points as 'eco friendly' vehicles were actually producing harmful emissions up to 40 times higher than acceptable levels. Winterkorn has denied knowing about the software. Horn has not yet commented on his knowledge of the situation but admitted at a press event on Monday that the company had 'totally screwed up'. The Volkswagen share price has tumbled since the news of the scandal broke. The company estimated the damages caused will cost around $7.3 billion.