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Volkswagen CEO to take 20 pct pay cut in 2012 - magazine
February 17, 2013 / 3:32 PM / in 5 years

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

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.

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

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

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