Winterkorn to Receive Pension Worth Nearly €29 Million

Former Volkswagen Group CEO Martin Winterkorn has amassed a pension that was worth €28.6 million at the end of 2014, and he could collect as much as €33 million more in severance pay after quitting on Wednesday, Bloomberg News reports.

Winterkorn resigned amid a scandal involving diesel emission test cheating with 11 million vehicles sold worldwide over the past six years.

VW's annual report for 2014 shows Winterkorn built up the pension since becoming CEO in 2007, Bloomberg notes. The report also says he could be paid the equivalent of two years of remuneration if the VW supervisory board terminates his contract early. Last year he received €16.6 million in compensation, according to the annual report.

Bloomberg notes the embattled CEO would forfeit the severance payment if VW's supervisory board ends his employment because of a problem he caused. But that appears unlikely. Winterkorn said on Wednesday he was not aware of personal wrongdoing in the diesel crisis, and the board's executive committee agreed.