As CEO resignations go, this one didn't come as much of a surprise. On Wednesday, Volkswagen Group announced that its embattled chief executive, Martin Winterkorn, would be stepping down. The news followed the German car giant's admission that it had cheated on U.S. emissions tests, leading the company to take a 6.5 billion euro charge to cover losses and say that as many as 11 million vehicles could be affected.
Who will follow Winterkorn, however, isn't yet known. The company did not immediately name a successor, and a statement from the supervisory board's executive committee said recommendations for a replacement will be considered at a board meeting Friday.