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Volkswagen CEO to take 20 percent paycut in 2012

  • Volkswagen AG Chief Executive Martin Winterkorn will be paid $18.7 million for 2012, 20 percent less than what he earned the previous year, according to a report by German magazine Der Spiegel.

    Der Spiegel, which did not cite sources, added that VW's supervisory board would decide on a new compensation package for all management board members at its next meeting on February 22.

    In the future, bonuses will only to be paid to board members if the company's profit surpasses $6.5 billion, the article read.

    It is believed Winterkorn himself proposed that he should take a pay cut.