• Home
  • Contact Us!
  • Privacy Policy

Radio Metta

  • Home
  • Business
  • Education
  • Health
  • Home Deco
  • News
  • Real Estate
  • Technology
  • Contact Us!
  • Privacy Policy
Home» Business»Michael Horn, VW’s US president, resigns ‘effective immediately’

Michael Horn, VW’s US president, resigns ‘effective immediately’

Saheli 10 Mar 2016 Business Comments Off on Michael Horn, VW’s US president, resigns ‘effective immediately’ 436 Views

Michael Horn VW Volkswagen

The head of Volkswagen in the US resigned “effective immediately” on Wednesday night as the company struggles to agree on a settlement with the US government over its emissions cheating scandal.

Michael Horn, who had served as VW’s US president and chief executive since 2014, was not quoted in the company’s three-paragraph statement announcing his immediate exit from the firm after more than 25 years of service.

VW said Horn’s resignation was by “mutual agreement” and he would be “leaving to pursue other opportunities effective immediately”.

The company did not explain why Horn was leaving the company now – six months after VW was caught using “default device” software to systematically cheat on US regulators’ tests.

Martin Winterkorn, the global CEO of VW, resigned in September 2015 in the near-immediate aftermath of the scandal, which has wiped billions of euros of VW’s market value and left the company facing fines of as much as $20bn and a criminal investigation by the US Department of Justice.

It was revealed last week that Winterkorn was told about the illegal emissions crisis more than a year before the company admitted it to regulators.

Horn has at times appeared frustrated with the German company’s handling of the crisis. When he was called before the US Congress in October, he denied any prior knowledge of the software, and said its installation was not a corporate decision. “I agree it’s very hard to believe,” he told lawmakers. “Personally, I struggle too.”

Herbert Diess, CEO of Volkswagen brand, said: “I want personally to say ‘thank you’ to Michael Horn for the great work he has done for the brand and with the dealers in the United States. During his time in the US, Michael Horn built up a strong relationship with our national dealer body and showed exemplary leadership during difficult times for the brand.”

Horn will be replaced on an interim basis by Hinrich Woebcken, who was recently appointed head of VW in North America.

A federal judge has given the company until 24 March to reach an agreement with the government on recalling the affected vehicles. Both state and federal regulators will have to sign off on any planned recall. VW has not indicated whether it will be able to meet the deadline.

The “defeat device”, which dramatically reduced VW diesel emissions only when cars were undergoing regulatory tests not when they were on the road, was installed in 6000,000 vehicles in the US and 11m across the world.

VW has set aside €6.7bn to deal with the costs of recalling and fixing cars across the world, but penalties in the US lawsuit could cost Volkswagen more than $30,000 per vehicle, which could total as much as $20bn. Analysts have warned that the total cost of the scandal could be as high as €78bn, which would be 60% more than the Deepwater Horizon disaster
cost BP.
[Source:- Guardian]

'effective Horn immediately' Michael president resigns US VW’s 2016-03-10
Tags 'effective Horn immediately' Michael president resigns US VW’s
Facebook Twitter Stumble linkedin Pinterest More

Authors

Posted by : Saheli
Previous Article :

Domestic car sales tumble 4.21 pc in February

Next Article :

London universities in Qatar partnership drive

Related Articles

Step up: Tips for organizations from the FTC’s settlement with Genshin Effect designer HoYoverse

Step up: Tips for organizations from the FTC’s settlement with Genshin Effect designer HoYoverse

admin 07 Feb 2025
The main 3 showcasing challenges for independent companies (and how mechanization can tackle them)

The main 3 showcasing challenges for independent companies (and how mechanization can tackle them)

admin 24 Sep 2024
The most effective method to Begin a Blog (and Bring in Cash) in 6 Stages: Simple Fledgling’s Aide

The most effective method to Begin a Blog (and Bring in Cash) in 6 Stages: Simple Fledgling’s Aide

admin 19 Sep 2024

Latest Post

How is PSA used to monitor prostate cancer?
Health

How is PSA used to monitor prostate cancer?

admin 01 Sep 2025
The Future of High Performance Networking: Ultra Ethernet Explained
Technology

The Future of High Performance Networking: Ultra Ethernet Explained

admin 28 Aug 2025
Why a focus on foundational education must be at the heart of the response: Out of school but not out of reach
Education

Why a focus on foundational education must be at the heart of the response: Out of school but not out of reach

admin 23 Aug 2025
HP Increases Innovation in Gaming
Technology

HP Increases Innovation in Gaming

admin 19 Aug 2025
Anatomy, Function, and Common Injuries of Hamstring Muscles
Health

Anatomy, Function, and Common Injuries of Hamstring Muscles

admin 12 Aug 2025
Gaming Your Way to Sharper AI Prompts
Technology

Gaming Your Way to Sharper AI Prompts

admin 07 Aug 2025
15 Elegant Living Room Hanging Lights
Home Deco

15 Elegant Living Room Hanging Lights

admin 04 Aug 2025
September 2025
M T W T F S S
1234567
891011121314
15161718192021
22232425262728
2930  
« Aug    
  • Home
  • Contact Us!
  • Privacy Policy
Copyright 2016, All Rights Reserved
Magazine Blog News WordPress Theme