Arab Today, arab today scandalhit vws exceo may get €60m in payouts
Last Updated : GMT 17:41:11
Arab Today, arab today
Arab Today, arab today

Scandal-hit VW's ex-CEO may get €60m in payouts

Arab Today, arab today

Arab Today, arab today Scandal-hit VW's ex-CEO may get €60m in payouts

Former CEO of German car maker Volkswagen
Berlin - AFP

Martin Winterkorn may have resigned from the chief executive job at Volkswagen in ignominious circumstances as a pollution cheating storm engulfs the company, but he can still hope to get 60 million euros in payout, according to company regulations.

The group based in northern Germany's Wolfsburg declined comment on the subject when contacted by AFP.

But according to last year's annual report, the company has set aside 28.5 million euros ($32 million) for the retirement of its former chief. And that is a sum that Winterkorn is entitled to get.

Added to that is a possible payout for "early termination" of contract, which is worth "a maximum of two years' remuneration".

Winterkorn drew a salary of 16.6 million euros in 2014, and 15 million euros in 2013, according to the company's last two annual reports.
Two years' salary would therefore amount to more than 31 million euros for the man who has been the Germany's highest paid executive.

If he obtains the early termination payout, that means the 68-year-old stands to draw a total of around 60 million euros after his departure from the company.

It is nevertheless uncertain whether he will get the full sum as "no severance payment is made if membership of the board of management is terminated for a reason for which the board of management member is responsible".

In a statement issued to announce his resignation, Winterkorn said that he accepted his "responsibility for the irregularities that have been found in diesel engines," but insisted "I am not aware of any wrongdoing on my part."

But the steering committee of the group's supervisory board expressly said in its own separate statement that Winterkorn "had no knowledge of the manipulation of emissions data."

 

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today scandalhit vws exceo may get €60m in payouts Arab Today, arab today scandalhit vws exceo may get €60m in payouts

 



Arab Today, arab today
Arab Today, arab today Saudis await visitors but will they come?

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Blind sheikh buried in Egypt

GMT 06:32 2017 Thursday ,23 February

Blind sheikh buried in Egypt
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 06:11 2017 Thursday ,23 February

Football: Turkish company wins Qatar World Cup contract

GMT 05:46 2017 Thursday ,23 February

SABIC net profits fall in 2016

GMT 21:01 2017 Wednesday ,22 February

Saudi Aramco mulls offering citizens discounted shares

GMT 16:50 2017 Wednesday ,22 February

Yahoo salvages Verizon deal

GMT 15:47 2017 Wednesday ,22 February

Airbus faces challenges as it enters new era
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Salma Rashid happy for 'A Whisper of Love'

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday