Volkswagen to Name Porsche's Matthias Müller as New CEO

By Hendrik Varnholt and Ilka Kopplin 

FRANKFURT-- Volkswagen AG will name Matthias Müller, the current chief executive of the group's premium car manufacturer Porsche AG, as its new CEO, a person familiar with the matter said Thursday.

Mr. Müller will replace Martin Winterkorn at the helm of the embattled car maker. Mr. Winterkorn resigned Wednesday in the wake of the company's admission that it cheated U.S. emissions tests.

Members of Volkswagen's supervisory board said Wednesday, shortly after Mr. Winterkorn resigned, that further personnel decisions would be made after a full board meeting on Friday.

Mr. Winterkorn stepped down just days after the disclosure Friday by the U.S. Environmental Protection Agency that Volkswagen allegedly used software on some of its Volkswagen and Audi diesel-powered cars that made them appear to run cleaner in tests than they do on the road.

On Tuesday, Volkswagen said that as many as 11 million cars were affected and possibly subject to a global recall. The company issued a profit warning and announced it was taking a EUR6.5 billion ($7.27 billion) provision against earnings to cover the costs of fixing the software.

Mr. Müller has overseen a period of rapid growth since becoming CEO of Porsche in 2010, including the successful introduction of two sport-utility vehicles. Close to the Porsche and Piëch families that control VW, Mr. Müller would be seen as a well-qualified compromise candidate acceptable to the unions and lower-level management.

Write to Hendrik Varnholt at [e-mail]

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September 24, 2015 11:50 ET (15:50 GMT)

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