Former Volkswagen boss received an $8.2 million payout in 2015

Martin Winterkorn 2015 Volkswagen Pay

Volkswagen’s former CEO Martin Winterkorn received $8.2 million in 2015 while the company struggled with its biggest loss in its history caused by a massive emissions cheating scandal.

Winterkorn, who was forced to resign in September as Volkswagen’s giant cheating scandal was revealed, received a total of €7.3 million ($8.2 million) in 2015, including a €1 million ($1.1 million) bonus.

For his part, Winterkorn has denied any knowledge of the cheating scandal during his eight years with the company.

Volkswagen admitted to the cheating scandal in September. It was later revealed that emissions cheating technology was used on as many as 11 million diesel vehicles worldwide.

Matthias Mueller, who replaced Winterkorn as the CEO, was promised a total of €4.6 million ($5.2 million) for 2015, with a payment of €880,522 that is being withheld for now.

That amount will be paid to Mueller in the future, depending on the performance of Volkswagen shares.

Volkswagen has already spent $18 billion attempting to pay for the scandal. The company slashed its dividend to €0.11 per share, from €4.86 last year. The company’s market cap has also shrunk by 40% since September 2015.

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The company announced last week that it is in the process of cutting variable pay and bonuses for its top executives for several years because of the scandal.

Written by Lane Hanson

Lane Hanson

Lane Hanson is BusinessPundit's Economy Editor. He reports on major changes in the US and Global Economies.