After his resignation precipitated by fixing scandal engines, the former Volkswagen boss Martin Winterkorn hoped to receive up to approximately 60 million euros, according to the internal rules laid down by the German automaker.
Contacted by AFP, the Wolfsburg Group declined to comment on the subject.
The automotive giant with twelve brands provided EUR 28.5 million for retirement of his boss, according to its annual report 2014. A sum that Mr. Winterkorn is sure to receive.
Add to this a possible “severance pay” for premature termination of his contract, awarded by the Supervisory Board and whose ceiling is set at “maximum of two years pay,” says the document.
Mr. Winterkorn received a total of € 16.6 million in 2014 and 15 million in 2013, according to the last two annual reports of Volkswagen. Two years of salary thus represent more than 31 million for one who has long been the highest paid boss of Germany.
In total therefore, the manager is entitled to approximately EUR 60 million after his departure from pension provisions and golden parachute.
This amount, however, remains theoretical because “no severance compensation is paid if the membership of the management board is interrupted for why the officer (concerned) is responsible,” says Volkswagen regulation.
In its statement of resignation, Mr. Winterkorn said he was “stunned” by the recent scandal and the supervisory board said to have had “no knowledge of the manipulations on the exhaust.”
He also said he assumed “responsibility for the irregularities uncovered for diesel engines.”
The interpretation of its responsibility, which depend on the outcome of a judicial inquiry in Germany, remains open and should weigh on the possible payment of a golden parachute