A new report out of Europe suggests that Volkswagen Group CEO Matthias Müller enjoyed a 40 percent increase in his salary and benefits in 2017.
According to Automotive News Europe, the 64-year-old took home some €10,14-million (that’s about R148,2-million, at the current exchange rate) in “pay and benefits” in 2017. That, the report added, equates to about a fifth more than the €8,6-million that Daimler CEO Dieter Zetsche made in the same year.
In 2016, Müller reportedly earned €7,3-million. Automotive News Europe added that new rules from 2017 meant that the Wolfsburg-based brand’s supervisory board had capped total pay for its CEO at €10-million, with “perks and retirement provisions” pushing the package past that mark.
The VW Group came close to doubling its operating profit in 2017, despite the continued fallout from its emissions scandal.