VW boss receives huge pay rise amid dieselgate rumblings
CEO of Volkswagen Group Matthias Müller trousered a 40 per cent pay increase last year, despite the fallout of the dieselgate scandal
Volkswagen Group’s boss received a huge pay rise last year – despite the rumblings of the dieselgate emissions scandal.
CEO Matthias Müller enjoyed a pay increase of 40 per cent in 2017, pocketing €10.14 million (circa £9m) – up from €7.25 million (circa £6.43m) in 2016. The firm also recorded an operating profit of €17 billion (circa £15bn), although it did pay out €3.2 million (circa £2.8m) in costs relating to dieselgate.
In an open letter to shareholders, Müller said: “If you were to ask me today ‘Is Volkswagen a good company?’, then my answer would be ‘Yes, Volkswagen is an exceedingly successful global company. Yes, we are working very hard on the future of mobility and therefore also on our own future.’
“Our group still has enormous potential. We want to, and we will, exploit this.”
In 2015, Volkswagen was found to be using cheat devices on its diesel vehicles to circumvent emissions regulations. The scandal led to the resignation of then-CEO Martin Winterkorn, with Müller appointed to replace him.
His letter also confirmed that the firm would be expanding the number of factories producing electric vehicles from the current three to 16 by the end of 2022 in an effort to speed up the process of electrifying its range.
Revealing that a new electric vehicle would be brought in “virtually every month” starting from 2019, Müller said: “This is how we intend to offer the largest fleet of electric vehicles in the world, across all brands and regions, in just a few years.”
Sorry, we are not accepting comments on this article.