Martin Winterkorn could add $32 million to his bank account after his Volkswagen Group exit.

Martin Winterkorn could add $32 million to his bank account after his Volkswagen Group exit.

It seems it's not that bad to be Winterkorn these days as the former CEO is about to collect $32 million as pension following his retirement from Volkswagen AG. According to VW's most recent annual report, this was the value of his pension at the end of 2014, but it's not known at this point whether the company can do something to block the money since his retirement from VAG is far from being ordinary given the massive accusations regarding 2.0 TDI engine emissions trickery.

Under certain conditions, Winterkorn can also get a severance payment representing the equivalent of two years of "remuneration." According to Volkswagen's inner regulations, Winterkorn can get severance if the supervisory board terminates his contract early, but the payment can be blocked if he does something that causes this exit.

In his last statement as CEO of the Volkswagen Group, Martin Winterkorn declared "I accept responsibility for the irregularities that have been found in diesel engines and have therefore requested the Supervisory Board to agree on terminating my function as CEO of the Volkswagen Group. I am doing this in the interests of the company even though I am not aware of any wrong doing on my part."

A replacement is expected to be announced tomorrow during a meeting of the Supervisory Board.

 

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