Volkswagen Slashes Executive Pay 37% in Wake of Diesel Crisis
- Former legal-affairs chief got payout of 10 million euros
- VW to limit top managers’ compensation after past generosity
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Volkswagen AG slashed compensation of senior executives by 37 percent last year as the German automaker reacted to criticism of past generous pay packages in the wake of the diesel-cheating scandal.
Remuneration for management-board members dropped to 39.5 million euros ($42 million) from 63.2 million euros in 2015, according to the Wolfsburg-based company’s annual report published Tuesday. Last year’s compensation would have been even lower if not for a 10 million-euro payout to legal-affairs chief Christine Hohmann-Dennhardt, who is leaving after just a year on the job following clashes with other executives.