Just two days after apologizing for cheating on US emissions procedures, Volkswagen CEO Dr. Martin Winterkorn has been reportedly removed from his position as the man in charge of the world’s largest automaker.
Winterkorn will reportedly be replaced later this week by Porsche CEO Matthias Müller (above).
Müller became CEO of Porsche AG in 2010 and worked for Audi from 1977 until 2007 when he was placed in charge of global vehicle development for all Volkswagen brands.
SEE ALSO: How VW Tricked the EPA’s Emissions Test
A pre-planned board meeting was already scheduled for September 25th to evaluate whether or not to extend Winterkorn’s term as CEO.
A VW spokesman has said the reports of Winterkorn’s ousting in favor of Müller are “ridiculous.”
The news comes as Volkswagen today announced that the problem of emissions cheating isn’t exclusive to the 500,000 TDI diesel models sold in the US between 2009 and 2015. The issue is instead a global one, with as many as 11 million cars affected.
SEE ALSO: VW CEO Says He’s “Deeply Sorry”
After Volkswagen stock tumbled 19% in Monday trading, wiping roughly $17 billion off the company’s market cap, shares continued to plunge dropping an additional 20 percent in mid-day trading.