VW Executives Face Pay Cuts as Part of Restructuring Deal
- Some 4,000 managers will get their bonuses cut, SZ reports
- Labor deal has disappointed some analysts; VW shares fall
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Volkswagen AG managers are facing hefty pay reductions in the coming years as part of an agreement with labor to make Europe’s biggest automaker more competitive.
Around 4,000 VW managers will give up bonuses equal to about 10% of their annual income next year and in 2026, with smaller reductions through the end of the decade, Sueddeutsche Zeitung reported Sunday. Unionists are calling for senior leadership, including Chief Executive Officer Oliver Blume, to forgo more than 10% of their salaries, the newsaper said.