Volkswagen CEO, chairman to stay in office regardless of charges

Volkswagen’s CEO and chairman will continue to stay in office, the company’s supervisory board stated on Wednesday, a day after German prosecutors brought charges against them for their role in a diesel emissions scandal.

The automaker’s supervisory board has not found any evidence that CEO Herbert Diess and Chairman Hans Dieter Poetsch were really late in informing capital markets about the risks in connection with the scandal that was exposed in 2015.

“This is why the successful collaboration with the chairman and the chief executive will be continued,” the board stated.

Prosecutors in the city of Braunschweig on Tuesday indicted Diess, Poetsch and former Volkswagen CEO Martin Winterkorn, adding they failed to tell investors about the diesel scandal in time when it erupted, which could be observed as market manipulation.