Volkswagen CEO Martin Winterkorn gets a 20 percent pay cut for 2012

Article by Andrew Christian, on February 19, 2013

For 2012, Volkswagen CEO Martin Winterkorn will be given a 14 million euros ($18.7 million) payment – about 20% lower than what he got last year, according to German magazine Der Spiegel. No sources were cited. The report also mentioned that at the next meeting of the VW's supervisory board on February 22, the members will decide on a new compensation package for all management board members.

The magazine also said that in the future, board members will only receive bonuses if the automaker’s profit is able to hit or surpass 5 billion euros. VW has so far not made a comment on this report. Last week, Der Spiegel said that Winterkorn suggested a pay cut for himself as the automaker readies to enter wage negotiations with production workers in western Germany.

According to a VW executive, the total compensation for Winterkorn for 2012 will be about 20 million euros under the present rules on executive pay that combines fixed salary, bonuses and profit incentives. In 2011, Winterkorn had received a record high compensation of 17.5 million euros. Winterkorn is the top-paid company manager in Germany. The IG Metall labor union has been urging companies to put a cap on the pay packages of their top managers.

If you liked the article, share on:

Comments

Login or Create new account to add a comment!

You may also be interested

Iti mai recomandam

Autonomous or self-driving vehicles are rapidly gaining popularity nowadays. Automakers are now in a race on who can make the best fully autonomous cars and who can make the most...
by - July 28, 2016
The process of building a car is a long and tedious task especially for luxury lines. Cars such as Rolls-Royce are known to have been meticulously and painstakingly made compared...
by - July 24, 2016
One of BMW’s most celebrated vehicles is the BMW 3 Series, a compact executive car that has been in the market since 1975. There have been six generations of the...
by - July 22, 2016
This generation of cars have been more like a clash of super powers. Various automakers have been working on developing some of the most powerful cars to compete with the...
by - July 17, 2016
Exactly 50 years after Ford’s first win at the 24 Hours of Le Mans, it has once again bagged the win in this year’s competition. At the 20th hour of...
by - July 15, 2016