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

Martin Winterkorn
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."

Winterkorn said VW must continue providing "clarification and transparency."

"This is the only way to win back trust. I am convinced that the Volkswagen Group and its team will overcome this grave crisis," he added.

More resignations are expected soon.