2023 Author: Eric Donovan | [email protected]. Last modified: 2023-08-25 09:36
He was the highest-paid manager of a DAX group: But even after his resignation as VW boss, Martin Winterkorn doesn't have to worry. The group has reserved retirement benefits for him in the amount of 28.5 million euros.
Under Martin Winterkorn's leadership, the VW Group climbed new heights and then slid into one of the deepest crises in the company's history. How much money does “Wiko” get after this mountain-and-valley ride? The VW annual report at least allows mind games.
A possible severance payment is therefore limited to a maximum of two annual salaries. Winterkorn received grants of around 15 million euros last year. However, his contract would only have run until the end of 2016 anyway - it is therefore questionable whether he will receive the maximum amount. A VW spokesman did not want to comment on request.
Severance pay and pension
In addition to a severance payment, VW board members are also entitled to a so-called retirement pension, the manager's pension, so to speak. Here, the resigned Winterkorn is theoretically entitled to 70 percent of his basic salary. Winterkorn's fixed remuneration was around 1.6 million euros last year.
VW has reserved a total of 28.5 million euros for Winterkorn's retirement benefits. However, it is unclear what conditions a payout is subject to. After Winterkorn's resignation, the executive committee of the car manufacturer stated in a statement that “Professor Dr. Winterkorn had no knowledge of the manipulation of exhaust gas values ”. And Winterkorn should be able to take advantage of another convenience: as long as VW pays him his retirement pension, the company will also provide him with a company car. (AG / dpa)
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