VW supervisory board cuts bonuses for top executives

BERLIN Fri Feb 22, 2013 10:15am EST

BERLIN Feb 22 (Reuters) - Volkswagen's supervisory board has taken steps to limit bonuses for top executives even as the German car maker announced a record operating profit for 2012.

Chief Executive Martin Winterkorn will be paid a total of 14.5 million euros ($19.17 million) for 2012 in fixed salary, bonuses and incentives, compared with 17.5 million a year earlier, the company said on Friday, citing a ruling by the 20-member supervisory board.

Compensation of VW's eight other members of the executive board will also be lowered. VW also said on Friday that group operating profit rose 2.1 percent to 11.5 billion euros last year.

($1 = 0.7563 euros) (Reporting by Andreas Cremer)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.