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VW Confirms Bonus Cutbacks for Top Managers
Volkswagen AG says its supervisory and management board has agreed to make “significant” but unspecified bonus cuts affecting Chairman Hans Dieter Poetsch and an unidentified group of executives.
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Volkswagen AG says its supervisory and management board has agreed to make “significant” but unspecified bonus cuts affecting Chairman Hans Dieter Poetsch and an unidentified group of executives.
The boards add that they are evaluating “different models which would constitute a reasonable and fair solution for all parties involved.”
The vaguely worded statement is intended to signal that senior management will participate in the company’s budget cuts as VW prepares for the financial impact of its diesel emission cheating scandal. The crisis began nearly seven months ago.
The boards say details about the bonus cut plan will be finalized on April 22 and included in the company’s 2015 annual report due on April 28. Media reports say the boards will reduce their own bonuses at least 30% and may agree to make personal investments in the company.
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