Volkswagen’s CEO Matthias Mueller was granted 7.78 million euros ($8.28 million) in pay and benefits for last year, a more moderate package compared to his predecessor Martin Winterkorn got in 2015 the automaker confessed the dieselgate scandal.
Winterkorn got 7.31 million euros in compensation for 2015 for serving less than 9 months as CEO prior to being forced out of office on September 25, after the automaker admitted to methodically cheating diesel emissions tests.
After publishing record losses in 2015, Volkswagen upgraded its bonus offer and executive pay policy in February this year to cap overall spend for its CEO at 10 million euros ($10.6 million) and other leading managers at 5.5 million euros.
Mueller, who took control as CEO in September 2015, was paid an overall of 4.17 million euros in for 2015, the automaker’s annual report revealed on Tuesday, which included remuneration for his function as Volkswagen management board member in charge of Porsche.
The statistics are based upon quantities paid out for the financial year as per the German corporate governance code.
According to HKP, specialized in compensation, Mueller is the seventh most paid chief executive among German blue-chip companies which have released executive payment.
HKP lists SAP’s Bill McDermott as the leading earner with 15.33 million euros in total pay for last year.
Volkswagen brand chief Herbert Diess saw his overall reimbursement for 2016 fall to 3.93 million euros, below 7.13 million in 2015, the annual report noted.