Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsVolkswagen CEO Likely to Get $32 Million Pension After Leaving
and a new car every year.
Annual report details how millions in severance also possible
That payout hinges on how board defines his termination
Martin Winterkorn, engulfed by a diesel-emissions scandal at Volkswagen AG, amassed a $32 million pension before stepping down Wednesday, and may reap millions more in severance depending on how the supervisory board classifies his exit.
Winterkorns pension had a value of 28.6 million euros ($32 million) at the end of last year, according to the report, which doesnt describe any conditions that would lead the company to withhold it. And under certain circumstances, he also can collect severance equal to two years of remuneration. He was Germanys second-highest paid CEO last year, receiving a total of 16.6 million euros in compensation from the company and majority shareholder Porsche SE.
While the severance package kicks in if the supervisory board terminates his contract early, theres a caveat. If the board ends his employment for a reason for which he is responsible, then severance is forfeited, according to company filings.
That payout hinges on how board defines his termination
Martin Winterkorn, engulfed by a diesel-emissions scandal at Volkswagen AG, amassed a $32 million pension before stepping down Wednesday, and may reap millions more in severance depending on how the supervisory board classifies his exit.
Winterkorns pension had a value of 28.6 million euros ($32 million) at the end of last year, according to the report, which doesnt describe any conditions that would lead the company to withhold it. And under certain circumstances, he also can collect severance equal to two years of remuneration. He was Germanys second-highest paid CEO last year, receiving a total of 16.6 million euros in compensation from the company and majority shareholder Porsche SE.
While the severance package kicks in if the supervisory board terminates his contract early, theres a caveat. If the board ends his employment for a reason for which he is responsible, then severance is forfeited, according to company filings.
http://www.bloomberg.com/news/articles/2015-09-23/volkswagen-ceo-likely-to-get-32-million-pension-after-leaving
InfoView thread info, including edit history
TrashPut this thread in your Trash Can (My DU » Trash Can)
BookmarkAdd this thread to your Bookmarks (My DU » Bookmarks)
5 replies, 599 views
ShareGet links to this post and/or share on social media
AlertAlert this post for a rule violation
PowersThere are no powers you can use on this post
EditCannot edit other people's posts
ReplyReply to this post
EditCannot edit other people's posts
Rec (2)
ReplyReply to this post
5 replies
= new reply since forum marked as read
Highlight:
NoneDon't highlight anything
5 newestHighlight 5 most recent replies
Volkswagen CEO Likely to Get $32 Million Pension After Leaving (Original Post)
dixiegrrrrl
Sep 2015
OP
PoliticAverse
(26,366 posts)1. Can they pay that in unsold VW Diesels? n/t
GeorgeGist
(25,321 posts)5. +1
n2doc
(47,953 posts)2. typical scam
Octafish
(55,745 posts)3. It's not a conspiracy when Big Business does it.
11 million new diesel cars polluting the planet. As if.
sharp_stick
(14,400 posts)4. My guy didn't make quite that much
After finding out that the CEO and CFO were conspiring with another manufacturer to coordinate pricing they were "fired". Our CEO received an 18 million dollar payout when in fact the pair of them belonged in jail.