VW Will Continue to Pay Ex-CEO Winterkorn Through 2016

Volkswagen AG will continue to pay former CEO Martin Winterkorn until his old employee contract expires at the end of 2016, according to multiple media reports.

Winterkorn, 68, resigned in September after taking responsibility for VW’s diesel emission test cheating scandal. German media reports say VW’s supervisory board agreed to pay out Winterkorn’s contract as part of his resignation agreement.

Last year Winterkorn's compensation was about €16 million, making him Germany’s highest-paid CEO, according to Reuters.