AsianFin -- Gunnar Kilian, a member of Volkswagen's (VW) board, announced on Wednesday that the company's management will collectively reduce their salaries by a total of €300 million by 2030. The move is part of a broader cost-saving strategy and comes as the company faces pressure to address past decision-making missteps.
According to Kilian, Volkswagen board members will take on a larger share of the salary reductions compared to other management roles. This follows an agreement reached in December between Volkswagen management and labor unions to cut 35,000 jobs in Germany by 2030.
Labor unions have called for management to shoulder responsibility for previous decision-making failures, asserting that accountability should extend beyond workforce reductions.
The salary cuts highlight Volkswagen’s commitment to restructuring its operations and aligning with financial and operational goals as the company navigates the evolving automotive landscape.
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