VW boss will walk out with at least $51 million

Volkswagen CEO Martin Winterkorn addresses the shareholders during the annual shareholder meeting of the car manufacturer Volkswagen in Hannover, Germany. AP pic

Volkswagen boss Martin Winterkorn had built up a $51 million pension before he stepped down today amid the diesel emissions scandal engulfing the company.

And he could collect millions more in severance pay, depending on how the automaker's supervisory board classifies his exit.

According to Bloomberg, Volkswagen's latest annual report says Winterkorn's pension had a value of 28.6 million euros ($51 million) at the end of last year.

The report doesn't outline any conditions that would lead to the company withholding his pension.

Bloomberg reported that under certain circumstances, Winterkorn could also collect severance equal to two years pay.

He was Germany's second-highest paid chief executive last year, receiving 16.6 million euros ($29.5 million) in compensation, Bloomberg reported.

Volkswagen has admitted to regulators in the United States that it programmed vehicles to detect tests and alter the running of their engines to conceal their true emissions.

The company is yet to name a successor for Winterkorn.