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28 Apr, 2016 14:56

Volkswagen to pay top brass over $70m despite ‘dieselgate’

Volkswagen to pay top brass over $70m despite ‘dieselgate’

German automaker Volkswagen plans to pay its 12 current and former top managers over $71 million despite the record losses the company suffered last year following the emissions scandal.

The car maker said it would withhold bonuses for now, but could award them at a later date.

Chief executive Matthias Mueller will get a 2015 pay package of $5.9 million (€5.2 million), of which nearly a million have been postponed, according to the company report.

The former CEO Martin Winterkorn, who was forced to resign due to the scandal, will receive $8.3 million (€7.3million) with 30 percent of the initial package postponed.

The former chief finance officer Hans Dieter Posch will collect about $6 million (€5.2million) for his previous position and $15.2 million (€13.4 million) as salary for his new job chairing Volkswagen's supervisory board.

Last year Volkswagen lost $6.6 billion after the company admitted to cheating on diesel emissions tests with nearly 11 million cars worldwide affected by the scandal.

READ MORE: Justice Dept. sues VW for cheating on vehicle emissions tests

To pay the costs associated with the scandal, the automaker put aside $18.4 billion (€16.2 billion). Almost half of the money is to buy back or fix vehicles equipped with emissions cheating software.

Matthias Mueller called the recall process the most important task for the company, promising to put in order every vehicle.