VW CEO EARNS RECORD SALARY

The motor industry is looking quite healthy these days, compared to the lean years of 2009 and 2010 when things were generally not so good. There is no better poster boy in relation to this, than the Volkswagen Group, whose net profit went from €6.8 billion (R68 billion) in 2010, to €15.4 billion (R153 billion) last year. And its Chairman and CEO Martin Winterkorn is the biggest jackpot taker of them all.

Winterkorn, who used to run only the Audi division until the end of 2006, earned himself a record €17.5 million (R174 million) in salary, bonuses and profit incentives in 2011, according to Reuters news agency. This apparently makes him the highest paid executive of any German company listed on the DAX (German stock exchange). The rest of the board of directors on the other hand, each received an average of R88 million each.

VW sold 8 360 000 cars last year, its best sales year ever. It aims to be the biggest seller of motor vehicles within the next three years, taking down current leader Toyota in the process. Brands owned by VW include Audi, Lamborghini, SEAT, Bentley, Skoda and Bugatti.