Activist investor TCI Fund Management slammed Volkswagen AG for excessive executive pay in light of poor stock performance and bloated costs that hurt earnings even before the diesel-emissions scandal in 2015 that caused the carmaker’s biggest-ever loss.
For more than four years, “the shares and management have been constant disappointments,” TCI founder Chris Hohn wrote in a letter to Volkswagen board members on Friday. "With a new management team in place, we want to express formally what we expect from the company and how management should be paid going forward.” A spokesman for Wolfsburg, Germany-based VW declined to comment.
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