Volkswagen CEO resigns amid emissions scandal

This story was last updated at 11:24 a.m. ET

After announcing he wouldn't be stepping down yesterday, we have a stunning reversal from Volkswagen CEO Martin Winterkorn.

At a press conference in Wolfsburg, Germany it was announced that Volkswagen CEO Martin Winterkorn will be resining from the company, with no successor yet to be named. It was reported last week that Volkswagen had engineered a software designed to sidestep emissions testing in its four-cylinder diesel cars, a move in violation of the Clean Air Act in the U.S.

Volkswagen posted Winterkorn's statement to its site. Read more...