After being thrown out: Diess can hope for 30 million euros from VW
Created: 07/26/2022, 09:48 am
By: Patricia Huber
Volkswagen has kicked out CEO Herbert Diess.
But after the contract was extended last year, the car manager is entitled to a million-euro salary as a farewell.
Wolfsburg – Herbert Diess has repeatedly created a tense atmosphere at Volkswagen in recent months.
Not anymore.
The CEO was thrown out by the owner families Porsche and Piëch.
His successor is to be Porsche boss Oliver Blume.
A hard blow for the man who had so many visions for the future of the carmaker.
Financially, however, the expulsion should hurt Diess less.
VW: 30 million euros for Diess – even without work
Despite a lot of criticism - especially from employee representatives - Diess' contract at VW was extended last year until October 2025.
And that's exactly what makes his departure so expensive for the group.
According to information from
Business Insider
, the soon-to-be ex-CEO is entitled to full remuneration until the end of the contract.
So that means: Diess will continue to receive his CEO salary for the next three years, even though he is no longer in the position.
According to the annual report, Diess earned a total of 10.3 million euros including bonuses in 2021.
He will also continue to receive the bonus payments.
"If things go well at VW, he collects 30 million," summarizes a top manager to
Business Insider
.
Even if the carmaker's business weren't going so well, he could probably still count on 20 million.
Financially, the soon-to-be ex-VW boss Herbert Diess will probably not have to worry in the future either.
© IMAGO/Darius Simka
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Winterkorn and Müller receive more than one million euros in pension from VW
But even after the actual end of the contract, Diess probably doesn't have to worry about his pension.
Because his predecessors, Martin Winterkorn and Matthias Müller, still receive fat pensions.
The annual report from 2021 also lists the pension payments to the ex-bosses - and they are impressive.
Matthias Müller received 1.1 million euros in pension payments last year.
At Winterkorn it was even 1.18 million euros.
Financially, Herbert Diess is probably not worried about the future.
(ph)
