FRANKFURT (Reuters) - Audi on Tuesday said it has suspended Chief Executive Rupert Stadler and appointed sales executive Abraham Schot as an interim replacement with immediate effect, a day after Stadler's arrest in connection with a diesel probe.
"Stadler has requested that the Supervisory Board release him from his position in the Board of Management of AUDI AG and in the Board of Management of Volkswagen AG," Audi said in a statement.
Stadler's suspension from board duties will be temporary until the circumstances of his arrest are clarified, Audi said.
Audi, part of Volkswagen Group was forced to search for a new leader following the arrest of 55-year-old Stadler on Monday, almost three years after Volkswagen group admitted to rigging U.S. emissions tests on diesel engines.
Munich prosecutors said Stadler was being investigated for suspected fraud and false advertising and for his alleged role in helping to bring cars equipped with illegal software on to the European market.
(Reporting by Edward Taylor; Editing by Maria Sheahan)
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app