Don't Cry For Winterkorn Just Yet; Former CEO Could Get $67M Handshake
Ousted Volkswagen CEO Martin Winterkorn could receive up to $67 million after leaving the automaker on Wednesday, depending on how his exit pay is calculated.
According to the Wall Street Journal, Winterkorn had amassed at least $34 million in his pension by 2014 ( was stock included?) and his exit pay would be roughly two years of his current former $17 million annual compensation.
He’d also be entitled to a company car. There are plenty he could choose from right now.
According to the report, the Volkswagen board could ultimately decide how golden Winterkorn’s parachute will be. The ousted CEO wouldn’t be entitled to two years worth of pay if the board determined that Winterkorn’s exit was his fault.
Withholding Winterkorn’s salary for two years may be a pyrrhic victory, though. Acknowledging the top brass knew about the defeat device at any executive level would put the automaker in a world of lawsuit hurt.
More by Aaron Cole
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For his sake one would hope his exit pay didn't include large amounts of VW stock. Wooops, looks like you just took a 50% haircut there ol' Winky-dink!
I find it entirely plausible that Winterkorn had no part in directing the fraudware to be written and that he learned of it relatively recently. [Boy, to be a fly on the wall during that conversation!] However, if he left of his own accord rather than being pushed out by the board, I have no respect for the man. Anybody can bail out when it hits the fan; a real leader has the guts to stand fast and address the situation. If that's the case then VW is better off without him.
If VW stock keeps tanking like it has been, in a little while he could take his 67 million and buy the entire company.
67 million for what? I cant fathom his value,or any other human`s is that much! Great way to start a revolution! Lets just tell all the refugees that we cant let you in because we dont have the money for it! 67 million would go a long way to solving this problem. And people wonder why the Islamist`s hate the west...duh