DIESS
Herbert

• 1. Diesel Emissions Scandal

Herbert Diess is the chairman of the board of management of Volkswagen Group as well as the chairman of the board of management of the Volkswagen Passenger Cars brand. In 2018 he was named one of the "Best CEOs in the World" by the CEOWORLD magazine.

Diesel Emissions Scandal

Herbert Diess (current VW CEO) and Hans Dieter Pötsch were prosecuted on September 24, 2019 for the manipulation of Volkswagen's diesel emissions. Shareholders were withheld from being informed about the huge financial implications due to the falsified diesel emissions. As a result the scandal has been gained media attention which highlights the German law that states that top executives must inform shareholders about information that can cause huge financial risks and issues. This follows after the investigation of finding that Volkswagen's rigged millions of diesel cars worldwide to cheat on emissions tests which led the company to lose over $30 billion. As a result of the falsified information, the stocks fell nearly 40%. However Volkswagen defended themselves: "The company has meticulously investigated this matter with the help of internal and external legal experts for almost four years ... the result is clear: the allegations are groundless."