Volkswagen Appoints Porsche Chief Matthias Mueller As CEO

(RTTNews) - Embattled German automaker Volkswagen AG said Friday that it has appointed Matthias Mueller as CEO with immediate effect.

Mueller, 62, succeeds Martin Winterkorn, who resigned on Wednesday after owning responsibility for the emissions scandal that has played havoc with Volkswagen's reputation and market value.

Mueller is currently Chairman of Porsche AG in Stuttgart. He will continue in that function until a successor has been found.

"My most urgent task is to win back trust for the Volkswagen Group - by leaving no stone unturned and with maximum transparency, as well as drawing the right conclusions from the current situation. Under my leadership, Volkswagen will do everything it can to develop and implement the most stringent compliance and governance standards in our industry. If we manage to achieve that then the Volkswagen Group with its innovative strength, its strong brands and above all its competent and highly motivated team has the opportunity to emerge from this crisis stronger than before," Mueller said in a statement.