Dieselgate Causes Reduction in Volkswagen Executive Bonuses
Following a rather public discussion of the automaker’s planned executive bonuses online and in the media, VW said on Wednesday that it would significantly reduce them in the wake of the so-called Dieselgate scandal.
A cartoon in the Südddeutsche Zeitung featured a Volkswagen Beetle convertible with flat tires that had crashed into a tree, filled with managers shouting “Bonus!”
The Wolfsburg-based company said in a statement that “different models, which would constitute a reasonable and fair solution for all parties involved,” were under consideration, adding that there would be a “significant reduction” in the amounts that members of the management board, including the CEO, would receive.
Members of the company’s supervisory board, which serves as a board of directors, would not be impacted by the reduction with the exception of VW’s chairman, Hans-Dieter Pötsch, who until last year served as its chief financial officer. His inclusion was at his request, the company said.
Volkswagen will issue its annual report for 2015 on April 28 and the revised bonus figures will be included in the report.
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