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.
The post Don't Cry For Winterkorn Just Yet; Former CEO Could Get $67M Handshake appeared first on The Truth About Cars.
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