Volkswagen Appoints Porsche's Mueller CEO
- Company to push more power to brands, regions in overhaul
- `Political and moral catastrophe' has struck Volkswagen
The Long Road Ahead for Volkswagen
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Volkswagen AG’s new chief executive officer, Matthias Mueller, said he’ll do what it takes to overcome the worst crisis engulfing the German carmaker after revelations of cheating on emissions tests.
The supervisory board emerged from a seven-hour meeting on Friday to present Mueller as the successor to Martin Winterkorn, who quit on Wednesday as the scandal reverberated around the globe and the company lost more than 20 billion euros ($22.4 billion) in market value in two days. Mueller, who previously led the Porsche sports-car brand, said Volkswagen faces “unprecedented challenges.”