The ex-CEO of Volkswagen, Herbert Diess, left the group in October last year. However, the top manager will be paid in full, including bonuses, until October 24, 2025.
This emerges from the annual report of the car company for the year 2022.
In 2021, Diess earned around ten million euros, including pension entitlements. This would probably cost Volkswagen around 30 million euros to replace the former CEO by 2025.
The separation from former CEO Herbert Diess will be expensive for Volkswagen. Diess left the company at the end of October last year, but will continue to be paid until October 24, 2025. The former top manager gets his full salary including bonuses. This emerges from the Volkswagen annual report for the year 2022.
The report states: “On the occasion of the termination, Volkswagen AG concluded a termination agreement with Mr. Diess. The subject of the termination agreement was, among other things, the continued existence of the employment contract until the end of the regular termination date, i.e. until the end of October 24, 2025. Volkswagen AG promised Mr. Diess that it would continue to pay his remuneration until the end of the employment contract. Variable remuneration components are paid out at the contractually agreed point in time.”
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Diess earned around ten million euros in 2021, including pension entitlements. Extrapolated over the three years in which the car company will pay him his full salary, Volkswagen will probably cost about 30 million euros to separate from Diess.