published Saturday, February 1st, 2014

Business Briefs: Volkswagen beats GM in 2013 sales

Volkswagen beats GM in 2013 sales

Volkswagen narrowly beat General Motors Corp. in global vehicle sales last year to finish No. 2 behind only sales champion Toyota Motor Corp.

The German auto maker delivered 9.73 million passenger cars, vans and heavy trucks under VW brands in 2013, up 5 precent from the previous year. GM sold 9.71 million vehicles in 2013, up 4 percent from the previous year.

Toyota remained the top selling brand with 9.98 million vehicles sold last year, up 2 percent from 2012. VW has set a goal of surpassing Toyota as the top selling brand by 2018.

IBM executives forego bonuses

IBM CEO Virginia Rometty and the rest of her senior management team are relinquishing their 2013 bonuses as penance for the technology company's lackluster performance last year.The decision disclosed in a Friday regulatory filing will result in a substantial pay cut for the affected executives, whose annual bonuses often exceed their salaries. As CEO, Rometty will be the hardest hit. She received a $3.9 million bonus in 2012 and was eligible for a $4 million payout last year.

IBM's revenue slipped 5 percent last year. The Armonk, N.Y., company's earnings dipped by less than 1 percent, thanks to cost cutting.

Rometty still received a $1.5 million salary last year.

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