If I got fired — sorry, had to resign — from a CEO job because my company’s stock value had tanked in the middle of a worldwide product recall scandal, the most I’d expect to walk away with is my fancy CEO nameplate and the framed picture of my teacup basset hound “Drooly” that I keep on my desk. But the recently exiled CEO of Volkswagen could be wiping away his tears with a payout worth upwards of $67 million.
The Wall Street Journal reports that Martin Winterkorn, who stepped down from his gig atop the German automaker yesterday, already had about $33 million in his VW pension at the end of 2014. And according to the company’s annual report, there’s a severance payout rule that pays up to two years worth of their total annual remuneration.
That could mean another $34 million for Winterkorn, that is if the VW board says so. There is also the promise of a company car. We have some suggestions for some “clean diesel” models he should consider.
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3 comments:
That could pay 1000 employees for a year.
What a shame that Corporations are so corrupt
Hope its a VW Diesel.....
Stop you whiners this is what you americans wanted,freedom right.Well if a family is worth 900 trillion and one is a sec 8,only in America,land of the free,home of the slave.If you were on top you would get paid to,shut up and go get that minimum wage.The elite doesn't care about what color you are,that's what I don't understand.Americans are fools.
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