Müller can cash in 45 million euro by leaving Volkswagen
According to calculations by the French press agency AFP, Mathias Müller (64), CEO of the Volkswagen Group who is expected to make a step aside on Friday, as announced, can cash in as much as 45 million euro if he leaves the company now.
The golden handshake Volkswagen foresees for someone of the board leaving before the end of his term and without a ‘serious reason’ to blame him, is a maximum of a two year’s salary, conforming the German enterprise code and mentioned by the VW annual report that AFP consulted.
Yearly salary of 2,13 million euro
Last year Mathias Müller who has a contract until 2020, has earned a gross salary of 2,13 million euro. Meaning his ‘parachute’ would be 4,26 million euro if he leaves. On top of this comes 10,1 million worth of shares calculated with the latest share price known and if the group succeeds in keeping a sufficient stock exchange value until 2019.
As an extra, the Volkswagen Group has put aside 30,1 million euro for its big bosses’ pension, according to the same document. Contacted by the AFP for commenting on this calculation, a spokesperson for the Volkswagen Groups “wasn’t immediately available”.