Volkswagen CEO to take 20% pay cut in 2012


FRANKFURT: Volkswagen AG Chief Executive Martin Winterkorn will be paid 14 million euros ($18.7 million) for 2012, 20 percent less than the previous year, German magazine Der Spiegel reported.

Der Spiegel, which did not cite sources, also said VW's supervisory board would decide on a new compensation package for all management board members at its next meeting on February 22.

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