Volkswagen: Former CEO Martin Winterkorn will receive €3100 per day

7 years ago - Published in Finance, Fundamental Analysis

The former CEO of Volkswagen Martin Winterkorn will receive, as of 2017, a pension of approximately € 1.2 million per year, or € 3,100 per day, despite the dieselgate, as reported today by the German newspaper Bild.
The Winterkorn contract, forced to step back because of emissions scandal that ran over the Vw in the US and then in Europe, is officially expired at the end of 2016, and former top manager, who has 69 years, has entitled to a hefty pension.

Last year he was the highest-paid CEO among the heads of companies listed on Germany's DAX-30 blue-chip index with remuneration of about €16 million.

Analysts have said that the emissions test crisis could cost Europe's biggest carmaker as much as €35 billion in regulatory fines, lawsuits and vehicle refits.