Wednesday, January 4, 2017

The contract of Ex-VW boss Winterkorn expired – FAZ – Frankfurter Allgemeine Zeitung

Wolfsburg/Berlin (dpa) – The exhaust gas-affair ousted former CEO of Volkswagen, Martin Winterkorn, has terminated his contract at Europe’s biggest car maker of the year, officially.

The Ex-Top Manager (69) has been announced now entitled to high pension payments, as mentioned in the annual report of the group for 2015 from last April. The so-called pension for the winter grain is fixed as a share of 70 per cent of the last basic remuneration amounts to 1.2 million euros, or the equivalent of about 3100 euros per day. Previously, the “image”newspaper had reported about it. Other boards have similarly extensive pension rights.

A VW spokesman in Wolfsburg, said that the company exterior, in principle, to the contract content.

the winter grain was entered in September of 2015, a few days after the announcement of the exhaust tampering with the millions of diesel cars. For Volkswagen, the most serious crisis in the history of the company, including billions in provisions, legal disputes, and a program of austerity with job cuts, for which demand was by the cost of “diesel gate” even more acute began. In this context, there was also fierce criticism of the lush payment of the VW management. Among other things, the Federal Minister of Finance Wolfgang Schäuble (CDU) had shown “no understanding” for the defense of high bonus payments.

After a long struggle, the VW-to-peak reached in the previous year, the fact that 30 percent of the variable remuneration will initially be retained and treated as if it were stock. After a period of three years will then be examined, how the course has developed. This is around a quarter above the initial level, you will be paid out the money. That Winterkorn’s outstanding should run a regular contract until December 2016, had already secured in 2015 for outrage at critics of the group.


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