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Audi names new leader after CEO arrested

Audi has tapped its top sales executive to lead the company temporarily after the CEO was arrested.The luxury ...

Posted: Jun 19, 2018 6:38 PM
Updated: Jun 19, 2018 6:38 PM

Audi has tapped its top sales executive to lead the company temporarily after the CEO was arrested.

The luxury German automaker announced Tuesday that Abraham Schot would take the reins after CEO Rupert Stadler was arrested as part of an investigation into emissions cheating.

Audi said Stadler asked to be released from his positions on the management boards of Audi and its parent company, Volkswagen.

Munich prosecutors said Monday that Stadler, who has worked for Volkswagen since 1990, had been detained because of concerns he could influence witnesses in an ongoing fraud investigation.

He is the highest-ranking Volkswagen executive to be arrested in connection to a costly diesel emissions scandal that burst into public view in 2015.

Related: Why Volkswagen can't ignore new diesel cover-up claim

Shares in Volkswagen dropped nearly 3% on Tuesday.

Audi said it had agreed to suspend Stadler "until the circumstances that led to his arrest have been clarified." It said Monday that he would be considered innocent until proven guilty.

Volkswagen has admitted that it rigged millions of diesel engines to cheat on emissions tests.

The scandal sent its share price plunging, and trashed confidence among consumer and regulators in diesel technology. The episode has already cost Volkswagen over $30 billion in recalls, legal penalties and settlements.

Volkswagen has overhauled its management and announced major investments in electric cars. But it has struggled to turn a page on the scandal.

Martin Winterkorn, the former chief executive officer of Volkswagen, was indicted last month by US prosecutors. He was charged with wire fraud, and conspiracy to defraud American customers and violate the Clean Air Act.

German prosecutors are also turning up the heat.

Last week, Germany imposed a -1 billion ($1.2 billion) penalty on Volkswagen. Prosecutors described it as "one of the highest fines ever imposed on a company in Germany."

Volkswagen still faces a shareholder lawsuit that has been filed in Germany. Stock and bondholders have also filed class actions in the United States. The cases revolve around whether Volkswagen withheld information from investors.

Global claims from shareholders, excluding those in the United States and Canada, total more than $10 billion, Volkswagen has said.

Minnesota Coronavirus Cases

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Cases: 448268

Reported Deaths: 6013
CountyCasesDeaths
Hennepin931011480
Ramsey40016739
Dakota33072340
Anoka30999364
Washington20164228
Stearns17871187
St. Louis13690241
Scott1195496
Wright11614104
Olmsted1048475
Sherburne821365
Carver694836
Clay653280
Rice606868
Kandiyohi554371
Blue Earth541033
Crow Wing482774
Otter Tail457167
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Benton420186
Winona389646
Douglas374166
Nobles370846
Mower365529
Goodhue347958
Polk328658
McLeod325345
Morrison311744
Beltrami310347
Lyon302236
Becker284939
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Isanti282841
Carlton280043
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Pine266713
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Todd231730
Nicollet224636
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Fillmore12355
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Rock110212
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Cook1140

Iowa Coronavirus Cases

Data is updated nightly.

Cases: 305606

Reported Deaths: 4278
CountyCasesDeaths
Polk45754449
Linn17795275
Scott15444163
Black Hawk13773236
Woodbury13016175
Johnson1211749
Dubuque11387150
Pottawattamie8992112
Dallas888671
Story869434
Webster469771
Cerro Gordo466768
Sioux455157
Clinton450361
Warren443938
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Des Moines381841
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Lee317130
Marion304952
Jones271349
Henry264330
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Crawford231022
Boone218417
Washington217632
Benton209444
Mahaska193136
Jackson192031
Tama187757
Dickinson186026
Delaware173736
Kossuth173644
Clay168820
Wright164824
Fayette162322
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Butler148224
Page144715
Floyd139636
Cherokee139027
Mills136416
Lyon135332
Poweshiek132724
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Jefferson120724
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Ida74630
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Worth6113
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