Volkswagen chief could receive a €60MILLION payoff after stepping down in the wake of the German manufacturer’s emissions testing scandal
Volkswagen’s chief executive is in line for a €60million pay-off despite resigning over the emissions testing scandal.
Martin Winterkorn stepped down yesterday after taking responsibility for the pollution cheating storm that has engulfed the company and could cost it billions in class-action lawsuits.
According to last year’s annual report, the company has set aside €28.5million ($32m) for his retirement, a sum that Winterkorn is entitled to receive.
Added to that is a possible payout for ‘early termination’ of contract, which is worth ‘a maximum of two years remuneration’.
Winterkorn, who had been at the helm of Volkswagen since the beginning of 2007, drew a salary of €16.6 million in 2014 and €15million in 2013, according to the company’s last two annual reports.
That would therefore amount to more than €31million for the man who has been Germany’s highest paid executive