Jump to content
Create New...
  • 💬 Join the Conversation

    CnG Logo SQ 2023 RedBlue FavIcon300w.png
    Since 2001, Cheers & Gears has been the go-to hub for automotive enthusiasts. Join today to access our vibrant forums, upload your vehicle to the Garage, and connect with fellow gearheads around the world.

     

  • William Maley
    William Maley

    As the Diesel Emits: Volkswagen Says Executive Bonuses Will Be Cut

      Volkswagen's Tone deafness rears its ugly head once again, this time with executive bonuses


    A number of Volkswagen executives will not be seeing their full bonus for 2015. In a statement today, Volkswagen announced bonus payments for top executives will be cut "significantly." This announcement comes a week after it was revealed that Volkswagen Group Chairman Hans Dieter Poetsch would be getting about 10 million euros (about $11.4 million) as compensation for stepping down as the company's CFO.

     

    News about this bonus angered Volkswagen's labor leaders and the state of Lower Saxony, Volkswagen's second-largest shareholder. They argued Volkswagen should just scrap the bonuses since Volkswagen could experience more financial pains due to the diesel emission scandal.

     

    "Supervisory Board and Management Board jointly agreed that – given the current situation of the company – a signal should also be sent with respect to the topic of the Management Board's remuneration," said Volkswagen in a statement.

     

    Volkswagen hasn't said how much the bonuses will be cut, but a source tells Reuters that it will be around 30 percent. Sources also reveal that further measures are being discussed to reduce variable pay even further, but that might be enough resolve the dispute with the union leaders and Lower Saxony.

     

    Volkswagen's supervisory board will make a decision on the cuts at its next meeting later this April.

     

    Source: Reuters, Volkswagen

     

    Press Release is on Page 2


     

    Volkswagen AG informs on Wednesday:
    "Supervisory Board and Management Board jointly agreed that – given the current situation of the company – a signal should also be sent with respect to the topic of the Management Board's remuneration.
    Different models which would constitute a reasonable and fair solution for all parties involved are currently discussed and coordinated.
    As a consequence, this would lead to a significant reduction of the variable remuneration. This would also subsequently apply to Mr. Poetsch at his own request.
    The individual compensation components will be adopted in the forthcoming Supervisory Board meeting and will be published in the annual report on 28 April."

    User Feedback

    Recommended Comments

    Unions have this right, at this point NO BONUS should be paid out as VW is clearly not selling like they used to and they lied to the point of clearly hurting the company world wide. All Bonuses should be canceled for 2015 and 2016.

    Link to comment
    Share on other sites

    I haven't heard about it, but does anyone know if the bonuses that went out to those who were in charge when the fraud was being developed, is being asked for back?  You'd think they would at least ask.

    Link to comment
    Share on other sites



    Join the conversation

    You can post now and register later. If you have an account, sign in now to post with your account.
    Note: Your post will require moderator approval before it will be visible.

    Guest
    Add a comment...

    ×   Pasted as rich text.   Paste as plain text instead

      Only 75 emoji are allowed.

    ×   Your link has been automatically embedded.   Display as a link instead

    ×   Your previous content has been restored.   Clear editor

    ×   You cannot paste images directly. Upload or insert images from URL.




  • Support Real Automotive Journalism

    Cheers and Gears Logo

    Since 2001, Cheers & Gears has delivered real content and honest opinions — not emotionless AI output or manufacturer-filtered fluff.

    If you value independent voices and authentic reviews, consider subscribing. Plans start at just $2.25/month, and paid members enjoy an ad-light experience.*

    You can view subscription options here.

    *a very limited number of ads contain special coupon deals for our members and will show

  • Similar Content

  • Posts

    • Rivian has opened a new 8 stall 350kW fast charger station at Lynnwood mall plus a 9th Handicap fast charge stall. Seems when remote service is being done they are tagged red as two of the units are. They take credit or debit cards on top of if you setup a Rivian app account.  There are now over 100 fast charge stations within a 5 mile radius of where I live.
    • Happy Birthday!!! Cheers!!!  
    • Yes. Ferrari was always a company selling towards the top tier rich.  I am not sure about Porsche's marketing after 1945, but I do know that Porsche wanted to go up market, really up market,  to sell to the rich in the late 1990s.    Rolex watches were always expensive.  But not always being a  chic jewellery accessory.  Rolex watches were expensive time pieces because they were highly precise time pieces meant for professions that required time pieces that were precise in time telling. Also, Rolexes were also engineered to be tough and not break in those job environments. Therefore the high price tags of them were because the high standard of engineering that went into them.  The value of the brand went up because of the people that bought them praised them. It was after the quartz movement of the 1960s and 1970s that Rolex needed to re-invent themselves as battery powered watches were MORE precise ate their lunch. So...like many other "swiss" automatic watch makers launched their new image as luxury time pieces. It was easy for Rolex to do as Rolex was coveted as a great engineered watch to begin with.   Like I said...its a boys club that they want to be known as and bought by (rich) people that have bought into that boys club mentality.  It aint for you or for @ccap41.   Even if you or @ccap41 had the money, its obvious that you guys have not fallen for this marketing gimmick.  Its barely for me either.  1. I cant afford Ferraris, Porsches or Rolexes. 2. I do not want to be in a Porsche Boys club.  I like Porsches and all, but Im not in their camp.  Not because of the boys club marketing schemes. Its just that I am not a rabid Porsche guy fanatic.  3. If I had 1% money, I am not sure Id be a Ferrari guy either.  After deep thought, I am more of a Ferrari guy than I am a Porsche guy.  But maybe not enough for me to fall for this kind of sales scheme either. 4.  Rolex...   I do like a Rolex.  But I am not one to boast about what kind of time piece Im wearing. So...nix me on that club as well. 5. It looks like I am aligned with you and @ccap41's take on this, but with me, I shrug it off.  I see why the companies want to go down this road. And I see why there are some people...rich people...that do not mind giving their monies away to these companies. And at the end of the day, its what makes them happy and superior to the rest of us as we do not have the time or money or will to buy into any of this. And kudos for them for buying into that lifestyle.    At the end of the day, whether we are talking about Ferrari or Porsche or Rolex, some of their product, past and present, have been REALLY REALLY EXCELLENT product. Whether we are talking about looks and style or engineering and technology, all 3 have styled and engineered awesomeness.  We could talk about their products that were failures, but wouldnt that signal some sort of sour grapes analogy on our part? Its a company's right to mold their brand image as they wish.   Whether we agree to it as individuals is irrelevant. What is relevant though is how collectively we ALL feel about it.  In Ferraris case its a huge success. Porsche and Rolex have to work on it just a tad more. But I feels its successful.  If there is a downfall for Porsche, I think it has more to do with their decisions to being a sports car maker ALONGSIDE being a (rich) family grocery getter/soccer mom SUV maker.  The failure of having two opposing identities is killing Porsche.  And it is a double edged sword.  On the one hand, if not for the SUVs, Porsche would have been gone by the early 2000s.  The inevitable was prolonged?  Rolex... Too many boutique time piece makers have propped up in the last 15 years that took their place in some areas of the really expensive realm.  Quartz time pieces keep on being a nuisance to them. This time around its the fashion watch trend. The name brand watch sellers like Michael Korrs and Hugo Boss and even Porsche that have taken some of Rolexes market share.  The advent of smart watches also hurts them.  So they decided to change it up in the sales realm.  Are there enough Rolex worshippers out there that will buy cheaper Rolexes or older models just to get that one highly anticipated limited edition time piece? Well...although watches are strictly fashion devices today, there are more than enough fashionable time pieces around for people to by-pass Rolex fandom.  Some have their own unique look to them and are sought after and some just emulate Rolex but watch brand snobs are too few today so Rolex has a steep hill to climb because most people that wear watches dont give a shyte what kind of watch you wear.  Unlike cars, car snobbery actually still exits...  Hence why Ferrari is still king of the douchiness and going on strong. Stronger than ever Id say.    
  • Who's Online (See full list)

  • My Clubs

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.

Hey there, we noticed you're using an ad-blocker. We're a small site that is supported by ads or subscriptions. We rely on these to pay for server costs and vehicle reviews.  Please consider whitelisting us in your ad-blocker, or if you really like what you see, you can pick up one of our subscriptions for just $1.75 a month or $15 a year. It may not seem like a lot, but it goes a long way to help support real, honest content, that isn't generated by an AI bot.

See you out there.

Drew
Editor-in-Chief

Write what you are looking for and press enter or click the search icon to begin your search