VW CEO gets 7.78 mln euros in pay and benefits for 2016

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By Andreas Cremer and Edward Taylor | WOLFSBURG

WOLFSBURG Volkswagen Group’s
Matthias Mueller was awarded 7.78 million euros ($8.28 million)
in pay and benefits for 2016, a more moderate package than his
predecessor Martin Winterkorn got in the year the carmaker was
embroiled in a diesel scandal.

Winterkorn got 7.31 million euros in remuneration for 2015
for serving less than nine months as CEO before being forced out
of office on Sept. 25, after the company admitted to
systematically cheating diesel emissions tests.

After posting record losses in 2015, VW overhauled its bonus
and executive pay policy in February this year to cap total pay
for its chief executive at 10 million euros ($10.6 million) and
other top managers at 5.5 million euros.

Mueller, who took over as chief executive in September 2015,
was paid a total of 4.17 million euros in for that year, the
company’s annual report showed on Tuesday, which included
remuneration for his role as Volkswagen management board member
in charge of Porsche.

The figure is based on amounts paid out for the fiscal year
in accordance with the German corporate governance code.

According to consulting firm HKP, which specialises in
compensation, Mueller is the seventh best paid chief executive
among German blue-chip firms which have published executive
compensation.

HKP lists SAP’s Bill McDermott as the top earner
with 15.33 million euros in total pay for 2016.

VW brand chief Herbert Diess saw his total remuneration for
2016 fall to 3.93 million euros, down from 7.13 million in 2015,
the annual report showed.

($1 = 0.9401 euros)



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