Ex-Volkswagen CEO Martin Winterkorn may get $60 million severance package

Martin Winterkorn
photo Martin Winterkorn

Ex-Volkswagen CEO Martin Winterkorn could get a severance package worth more than $65 million, according to the Wall Street Journal.

Winterkorn was the first VW employee to resign after a global emissions scandal that devastated the company. Up to 11 million vehicles may have been affected.

Bloomberg News reports that Winterkorn amassed a $32 million pension before stepping down Wednesday, and he may reap millions more in payoff depending on how his exit is classified by the board.

Winterkorn was the second-highest paid CEO in Germany last year, receiving more than 15 million euros in compensation, Bloomberg said.

In a statement, Winterkorn took responsibility for the "irregularities" found in diesel engines but said he was "not aware of any wrongdoing on my part."