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  5. Volkswagen AG Statement on Appointment of Larry D. Thompson as Independent Compliance Monitor

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Volkswagen AG Statement on Appointment of Larry D. Thompson as Independent Compliance Monitor

Volkswagen AG issued the following statement today on the appointment of Larry D. Thompson as the Independent Compliance Monitor under the terms of its settlements with the United States government.

“Volkswagen welcomes the appointment of Larry D. Thompson to this new position, and we intend to cooperate fully with his important work. We have taken significant steps to strengthen accountability, enhance transparency and build a better company and we look forward to working closely with Mr. Thompson as we press forward with the biggest change process in Volkswagen’s history,” said Ms. Hiltrud Werner, Board Member of Integrity and Legal Affairs at Volkswagen AG.

Mr. Thompson will have a dual role as Independent Compliance Monitor and Independent Compliance Auditor, under the terms of Volkswagen’s plea agreement with the United States Department of Justice (DOJ) and a separate Consent Decree with the DOJ on behalf of the U.S. Environmental Protection Agency, respectively. Mr. Thompson will assess, oversee and monitor the company’s compliance with the terms of its settlements for a period of three years, including measures to further strengthen Volkswagen’s compliance, reporting and monitoring mechanisms and implementation of an enhanced compliance and ethics program. Mr. Thompson will also be tasked with certifying that Volkswagen's compliance program is able to detect something like the diesel matter and prevent it from happening again.

Notes to Editors

Larry D. Thompson joined the U.S. law firm of Finch McCranie, LLP in Atlanta, Georgia, as Counsel in July 2015 and is the former U.S. Deputy Attorney General (2001-2003), the second highest ranking position in the U.S. Department of Justice. He currently serves as the John A. Sibley Professor of Corporate and Business Law at the University of Georgia School of Law. In a distinguished public and private sector career spanning more than four decades, Mr. Thompson also has prosecuted complex cases as U.S. Attorney for the Northern District of Georgia (Atlanta), directed internal investigations and defended individuals and businesses in special matters as a partner with the law firm of King & Spalding, and served as Executive Vice President of Government Affairs, General Counsel and Corporate Secretary of PepsiCo, Inc. Mr. Thompson earned his Bachelor’s degree at Culver-Stockton College in Canton, Missouri, his Master’s degree at Michigan State University and his law degree at the University of Michigan.