VW CEO to Receive Smaller Paycheck for 2012

Volkswagen CEO Martin Winterkorn will be paid €14 million for last year, according to Der Spiegel, which did not cite its sources.

Winterkorn's €17.5 million compensation for 2011 made him the year's highest-paid executive at a German public company. His earnings prompted union IG Metall called for limits on executive pay.

VW said previously that if it followed the same formula, the CEO could receive about €20 million for 2012.

Spiegel reported last week that Winterkorn had volunteered to reduce that figure, saying the larger amount would be impossible to explain "to the people." VW is preparing for wage negotiations with its German unions.