Sunday, May 29, 2016

For two days work a month: Pischetsrieder to have collected millions – NEWS



 Sunday, May 29, 2016


 Ex-VW CEO Winterkorn is clearly not the only one who benefits from a generous supply arrangements from his employer. His predecessor Pischetsrieder is after his deposition have pocketed 50 million euros – for doing nothing.



With high executive salaries Volkswagen seems to have no problem – not even if the manager no longer work for the Group. Ex-CEO Martin Winterkorn is still up to the end on the payroll, even though he has no role in the group. As the “Bild am Sonntag” (BamS) writes, Winterkorn is not the only one who has benefited from generous supply arrangements.

His predecessor Bernd Pischetsrieder is once replaced as Volkswagen CEO in 2006 five more years have received from the Group a total of 50 million euros, the BamS reported without citing sources. But Pischetsrieder said to have only worked one or two days a month for Volkswagen, they say. Once a month he had flown from his native Bavaria to Wolfsburg. At the end of the day he was flown back.

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According BamS Pischetsrieder owed his generous supply situation Ferdinand Piech. The longtime VW patriarch had enforced Pischetsrieder detachment in November 2006 and installed it Winterkorn. Since Pischetsrieder contract had been only a few months previously extended until April 2012, the Group had to pay salaries for two bosses. Only the working one, the other not. Pischetsrieder million salary is not to appear in the annual reports.

Pischetsrieder declined to comment, the paper said. The president of the “German association for security possession” (DSW) Ulrich Hocker said the BamS: “This is an immoral content excess, even at the expense of shareholders.”



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