Ousted Volkswagen CEO Could Get $67 Million Severance Package

[Initech]

Martin Winterkorn, faced with the company's widening crisis over its rigging of emissions tests, announced his resignation as CEO of Volkswagen Group Wednesday. He is likely to leave with a pension valued around $32 million, and possibly with many millions more, depending on what the board decides regarding his severance payment.

According to the company's most recent annual report, Winterkorn had amassed a pension worth €28.6 million ($32 million) at the end of last year. And despite the scandal enveloping the German auto giant over its admission that it cheated on its diesel emissions data, compensation experts predict he'll receive it.

"Any high-level departure in an iconic company is going to get plenty of scrutiny," said David Wise, the U.S. market leader for the human resources consultancy Hay Group. "But the pension is the pension, and it's not new compensation for the CEO. It's been earned and accrued over a long time period. It's essentially already been paid for."

Winterkorn could also be eligible for a lofty severance payment, though it's not clear yet what he'll receive—if anything. The company's annual report says unless an executive is terminated "for a reason for which the Board of Management member is responsible," those with employment contracts dating since late 2009 may receive severance payments that equal up to twice their total remuneration.

https://www.washingtonpost.com/news/on-leadership/wp/2015/09/24/outgoing-volkswagen-ceos-exit-package-could-top-67-million/

This is fucking wrong. Screw up the company, send it into a financial and existential crisis, destroy the planet, and what do you get? $70 million! Throw these assholes in jail and throw away the key.

[underpants]

1. Maybe they could give him 5 72's

Those things are way overpriced.