Volkswagen CEO to take 20 pct pay cut in 2012 - magazine

FRANKFURT Sun Feb 17, 2013 8:57pm IST

Volkswagen Chief Executive Martin Winterkorn poses for a photograph during the inauguration of Volkswagen's 100th plant worldwide in Silao January 15, 2013. REUTERS/Mario Armas/Files

Volkswagen Chief Executive Martin Winterkorn poses for a photograph during the inauguration of Volkswagen's 100th plant worldwide in Silao January 15, 2013.

Credit: Reuters/Mario Armas/Files

Related Topics

FRANKFURT (Reuters) - Volkswagen AG Chief Executive Martin Winterkorn will be paid 14 million euros for 2012, 20 percent less than the previous year, German magazine Der Spiegel reported.

Der Spiegel, which did not cite sources, also said VW's supervisory board would decide on a new compensation package for all management board members at its next meeting on February 22.

In future, bonuses will only to be paid to board members if the company's profit reaches at least 5 billion euros, the magazine reported.

VW declined to comment on the report.

Winterkorn himself proposed that he should take a pay cut, Der Spiegel reported last week, as the company prepares for wage talks with production staff in western Germany.

Current rules on executive pay, combining fixed salary, bonuses and profit incentives, would boost Winterkorn's total compensation for 2012 to about 20 million euros from a record 17.5 million euros in 2011, a company official previously said.

(Reporting by Christoph Steitz and Jan Schwartz; Editing by Helen Massy-Beresford)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Record Highs

Record Highs

BSE Sensex, Nifty hit record highs, insurers gain  Full Article 

Global Growth

Global Growth

IMF cuts outlook, warns of stagnation risk in rich nations  Full Article 

Monsoon Revives

Monsoon Revives

Monsoon revival keeps rain above average   Full Article 

Wipro Results

Wipro Results

Firm sees strong sales growth, eyes Europe deals   Full Article 

Scourge of Inflation

Scourge of Inflation

Markets' post-election enthusiasm lost on consumers  Full Article 

Just Not Enough

Just Not Enough

Amazon's smartphone fails to kindle a "Fire" among reviewers.  Full Article 

Rising Market Value

Rising Market Value

Facebook goes express to mega-cap status  Full Article 

Mining Roadblock

Mining Roadblock

Coal India's plans for 20 mines hit by land, environment delays  Full Article 

Power Jolt

Power Jolt

UAE's TAQA pulls out of India power plant deal with Jaiprakash  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage