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

Article by Christian Andrei, 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.

Topics: vw, ceo

If you liked the article, share on:

Comments

Login or Create new account to add a comment!

Recommended

Back in 2009, Nissan first introduced the Nissan Leaf, the company’s first all-electric vehicle. LEAF stands for Leading Environmentally-friendly Affordable Family car and this particular EV has been considered as...
by - December 3, 2016
In the minivan segment, the 2017 Chrysler Pacifica is already impressive in terms of fuel economy figures – as rated by the United States Environmental Protection Agency. In fact, the...
by - December 2, 2016
Having a blacked-out Bentley Mulsanne Speed is already menacing by itself but by naming it as the Bamford X, it became all the more imposing. This model was made by...
by - December 2, 2016
We have good news for those who are waiting for the latest version of the Mazda CX-5 compact crossover. It was just unveiled in November at the 2016 Los Angeles...
by - December 2, 2016
Those familiar with racing know that Marco Wittmann’s win during the 2016 Deutsche Tourenwagen Masters held last May was noteworthy as it was his second title in four seasons. In...
by - December 2, 2016
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries