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​Porsche Chairman Müller named new CEO of Volkswagen

The Volkswagen new chief officer comes from one of the automaker's many subsidiary brands.

In the wake of its longtime CEO Martin Winterkorn's resignation earlier this week and amidst a continuing diesel emissions scandal, the Volkswagen Group has named Matthias Müller its new chief executive.

Porsche Cars North America, Inc.

This comes a no big surprise. The current Chairman of Porsche, Müller had been rumored to step into the position even as the first inklings of Winterkorn's stepping down began to circulate earlier this week.

Porsche's relationship with VW is an interesting one. Porsche AG is an owned subsidiary of the Volkswagen Group, but then VW itself is mostly owned by a different holding corporation, Porsche Automobil Holding SE. Müller comes to Volkswagen from the former.

In his own words, Müller states: "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."

Müller will steps into his new position as Volkswagen Group CEO immediately and will also continue to operate as Chairman of Porsche AG until until a successor has been found.