The million-dollar fine was already hanging over his head, but now Volkswagen officially confirms that it has reached a settlement with former CEO Martin Winterkorn. He has to pay € 11.2 million to his former employer. Other top managers are also screwed.
It was already known that Volkswagen was working on a compensation claim against some top managers, including Winterkorn and Audi boss Rupert Stadler (photo 2). The amount of the claims is now known. Winterkorn has to empty his wallet the most. His €11.2 million settlement is even higher than previously predicted in the corridors. Stadler has been hit a little less hard and has to transfer € 4.1 million. The settlements have been reached with the Supervisory Board of Volkswagen. The Board of Directors still has to approve the settlement, which is expected to happen on July 22.
The two must pay the amount for failing to comply with the duty of care that directors of listed companies have. Winterkorn is accused of providing the US authorities with incorrect, late and incomplete answers to questions about the manipulation of the emissions of the 2.0 TDI. At Stadler, the point is that he did not have the 3.0 and 4.2 TDI engines examined for the ‘sjoemel software.
Other fines
Apart from Winterkorn and Stadler, there are no other managers at Volkswagen who have to pay compensation. Instead, Volkswagen’s director’s liability insurance pays the carmaker €270 million. At Audi and Porsche, further fines have been handed out. Again, this is a violation of the duty of care. Stefan Knirsch, who led the development department at Audi, has to pay €1 million. Wolfgang Hatz had a similar position at Porsche and has to transfer € 1.5 million. There is still a case pending against Ulrich Hackenberg, who worked at Audi alongside Knirsch. He was unwilling to settle with his former employer.