Volkswagen chief executive to take 20 percent pay cut for 2012

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.
In future, bonuses will only to be paid to board members if the company's profit reaches at least 5 billion euros, the magazine reported. VW declined to comment on the report.
Winterkorn himself proposed that he should take a pay cut, Der Spiegel reported last week, as the company prepares for wage talks with production staff in western Germany.