BERLIN (AP) – Volkswagen said Wednesday that its top managers’ bonuses will be cut significantly, citing the need to send a “signal” on executives’ pay following the automaker’s diesel emissions scandal.
The company, which has yet to release 2015 earnings figures, said in a statement that “different models which would constitute a reasonable and fair solution for all parties involved” are being discussed.
“As a consequence, this would lead to a significant reduction of the variable remuneration,” Volkswagen said.
The cut to the 2015 bonuses would apply to the management board, a group of executives that helps run the company day to day and includes the CEO.
The supervisory board, which is the German equivalent of a board of directors, would not be affected, except for chairman Hans Dieter Poetsch – the company’s chief financial officer until he switched jobs late last year. Volkswagen said this was “at his own request.”
