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Volkswagen bosses to be paid £49m despite record losses | Volkswagen bosses to be paid £49m despite record losses |
(35 minutes later) | |
Volkswagen is to pay a dozen current and former senior managers a total of about €63m (£49m, $71m) for 2015, despite reporting record annual losses following its emissions scandal. | |
The carmaker said it would withhold a portion of bonus payments for now, but could award them at a later date. | The carmaker said it would withhold a portion of bonus payments for now, but could award them at a later date. |
Last year VW admitted to cheating on diesel emissions tests, with net losses for 2015 reaching €5.5bn. | Last year VW admitted to cheating on diesel emissions tests, with net losses for 2015 reaching €5.5bn. |
Chief executive Matthias Mueller apologised for the firm's actions. | Chief executive Matthias Mueller apologised for the firm's actions. |
At a press conference, he acknowledged that the carmaker "disappointed many people who trusted Volkswagen". | At a press conference, he acknowledged that the carmaker "disappointed many people who trusted Volkswagen". |
Mr Mueller has been promised a 2015 pay package of €4.76m, of which €880,000 has been postponed. | Mr Mueller has been promised a 2015 pay package of €4.76m, of which €880,000 has been postponed. |
Meanwhile former chief executive Martin Winterkorn, who resigned in the wake of the scandal, agreed to delay 30% of his variable pay but will still collect a total of €7.3m. | Meanwhile former chief executive Martin Winterkorn, who resigned in the wake of the scandal, agreed to delay 30% of his variable pay but will still collect a total of €7.3m. |
Hans Dieter Posch will receive €5.2m for his previous work as chief finance officer, as well as fixed pay of €13.4m for his new role chairing Volkswagen's supervisory board. | Hans Dieter Posch will receive €5.2m for his previous work as chief finance officer, as well as fixed pay of €13.4m for his new role chairing Volkswagen's supervisory board. |
Recall costs | Recall costs |
The German company has set aside €16.2bn to pay costs associated with the scandal, almost half of which is devoted to buying back or repairing diesel cars that possess the emissions cheating software. | The German company has set aside €16.2bn to pay costs associated with the scandal, almost half of which is devoted to buying back or repairing diesel cars that possess the emissions cheating software. |
Mr Mueller said that the recall process would be the company's "most important task until the very last vehicle has been put in order". | Mr Mueller said that the recall process would be the company's "most important task until the very last vehicle has been put in order". |
Earlier this week, Volkswagen said it was postponing a recall plan for tens of thousands of Passat models in Germany, while it waited for the repair process to be approved by regulators. | Earlier this week, Volkswagen said it was postponing a recall plan for tens of thousands of Passat models in Germany, while it waited for the repair process to be approved by regulators. |
The company has previously failed to win approval for a recall of its Golf models, as it struggles to fix 8.5 million vehicles in Europe alone. | The company has previously failed to win approval for a recall of its Golf models, as it struggles to fix 8.5 million vehicles in Europe alone. |
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