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.

Topics: vw, ceo

If you liked the article, share on:

Comments

Login or Create new account to add a comment!

Recommended

Chevrolet Equinox is a mid-sized crossover SUV created by Chevrolet for General Motors. First introduced in 2004, this GM Theta unibody platform crossover SUV came into production the following year...
by - September 30, 2016
Mercedes-Benz Vans, one of the world’s top van makers, has just launched adVANce, which is their strategic transport industry initiative for the future. With this, the division analytically considers its...
by - September 29, 2016
In 2007, when Nissan first introduced the R35 Nissan GT-R at the 2007 Los Angeles Auto Show, the car carried with intense power and a price tag of $78,000. Up...
by - September 29, 2016
Bentley Motors has just released the specs of the new Bentayga Diesel. Obviously, we couldn’t wait to share it here since it’s the first ever diesel model to come out...
by - September 26, 2016
A big chunk of Volvo Cars’ legacy in developing the most durable and capable car is evident in its latest Cross Country collection. Suffice it to say, our planet has...
by - September 21, 2016