Scandal-hit German car-maker Volkswagen (XETRA:VOW) has begun the search for a new boss after its chief executive stepped down.
VW, which could face penalties of up to US$18bn after admitting cheating on car emissions data, is tipped to replace Martin Winterkorn when its full board meets on Friday.
Possible contenders include Porsche chief Matthias Mueller, Audi chief Rupert Stadler and the head of the VW brand, Herbert Diess.
Mueller is thought to be the front-runner due to his experience within the VW Group.
Winterkorn resigned on Wednesday after VW admitted to rigging 11mln cars with sophisticated software to make it look like the vehicles complied with emissions standards.
Winterkorn said: “I am shocked by the events of the past few days. Above all, I am stunned that misconduct on such a scale was possible in the Volkswagen Group."
The US Justice Department has launched a criminal inquiry into the matter and the European Commission has faced calls to investigate.
German chancellor Angela Merkel has urged VW to act quickly to restore confidence in the company.
Analysts say more heads are likely to roll at VW as the company moves to repair the damage to its reputation and put the affair behind it.
CMC Markets analyst Michael Hewson said: "It is hard to see how investors will be able to regain trust in senior management until there is a root and branch clear-out."
Shares in Volkswagen have fallen about 30% since US regulators revealed the scandal on Friday.
They dropped from about €167 a share on Friday to about €123 in early trading on Thursday, rising about €4 since the start of the session.