POAHY Porsche Automobile Holding SE (PK)

By Ulrike Dauer And Monica Houston-Waesch 

FRANKFURT-- Volkswagen AG on Friday named Matthias Mueller as the company's new CEO, tasking him with the challenge of steering Europe's biggest car maker through an emissions-cheating scandal.

The 62-year-old Mr. Mueller will keep his post as chief executive of the group's Porsche AG unit until a successor has been named.

Volkswagen's previous chief executive, Martin Winterkorn, resigned Wednesday over the scandal that cost the company nearly one-third of its market value. A week ago, the U.S. Environmental Protection Agency disclosed that Volkswagen admitted to using software on some of its Volkswagen and Audi diesel-powered cars that make them appear to run cleaner in tests than they do on the road.

On Tuesday, Volkswagen said as many as 11 million cars were affected and possibly subject to a global recall. The company issued a profit warning and announced it was taking a EUR6.5 billion ($7.27 billion) provision against earnings to cover the costs of fixing the software.

Write to Ulrike Dauer at ulrike.dauer@wsj.com and Monica Houston-Waesch at nikki.houston@wsj.com

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(END) Dow Jones Newswires

September 25, 2015 13:11 ET (17:11 GMT)

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