VW boss Blume does without millions: symbol of solidarity in times of crisis

VW boss Blume does without millions: symbol of solidarity in times of crisis

Volkswagen, Deutschland - Volkswagen boss Oliver Blume meets turbulent times and shows himself more solid! The 56-year-old top manager decided to do without a significant part of his salary. According to Bild , Blume will do without around one million euros per year. With his eight board colleagues, Blume has decided to reduce salaries by eleven percent - a step that is now to apply until 2025. This waiver of salary is part of the profound restructuring measures that Volkswagen has to do due to a multiple crisis, including weak sales figures and high production costs.

drop in salary as a sign of solidarity

This saving decision is not only a financial measure, but also a symbolic act of solidarity. There is massive pressure from the IG Metall union, whose works council chief Daniela Cavallo has requested that the management level contribute its part to cope with the crisis. "She has got it now," emphasizes a group spokesman in accordance with Oe24.at . Blume, who earned a proud 9.7 million euros in 2023, leads the financial cuts on the executive floor with his team to appease the workplaces that worries about their jobs.

A plain language: Volkswagen not only fights with lost market shares in China, but also faces the great challenge of asserting itself in the competitive environment of e-mobility. The preliminary figures on the savings will be announced in the balance sheet for 2024, which will be presented on Tuesday. However, it is clear that the salary waiver of the board plays an important role in the company's strategy in order to regain the trust of the workforce.