Porsche's Matthias Muller to be named new CEO of Volkswagen

Volkswagen is gearing up to name Matthias Muller as its new CEO. Martin Winterkorn, the company's former CEO, resigned earlier this week following the infamous emission scandal.

Matthias Muller has been with the Volkswagen group since the 1970s. He has been heading Porsche, the sports car brand and a part of the group, since 2010. He is believed to have the backing of the majority of the members on the 20-member supervisory board of the company and is also close to the Piech-Porsche family that control the company.

The emission test scandal has tarnished Volkswagen's image all over the world. The company claimed that 11 million cars globally had been fitted with the "defeat device", which enabled them to clear pollution tests. The company now faces big fines and lawsuits.

The 62-year old Muller will have the responsibility of guiding Volkswagen through this period of difficulty and winning back the trust of its customers and dealers.

Many high-ranking executives are expected to be sacked in the process.

Source: Reuters