“Different models which would constitute a reasonable and fair solution for all parties involved are currently discussed and coordinated,” the company said, via a press release. “As a consequence, this would lead to a significant reduction of the variable remuneration. This would subsequently apply to Mr. (Hans Dieter) Poetsch at his own request.”
Poetsch is listed as the chairman of the Supervisory Board and chairman of the Management Board for Volkswagen AG. According to Bloomberg Research, his total calculated compensation in 2014 was 7.3 million euros.
The Volkswagen AG Supervisory Board will meet in Germany to adopt the individual compensation components. Those components will be published in the company’s annual report, scheduled for release on April 28.
The company is still reeling after a diesel cheating scandal forced the resignation of its former CEO Martin Winterkorn. Thus far, Volkswagen AG faces a federal lawsuit for false advertising and another for the emissions issues.
Recent sales figures have Volkswagen sales down nearly 15% in the United States.