Daimler raises Dieter Zetsche’s pay by 1.4 percent after record sales in 2014

Article by Christian A., on February 24, 2015

Dieter Zetsche will receive EUR8.36 million for his role as chief executive of Daimler AG in 2014, around 1.2 percent higher than he got in 2013 at EUR8.25 million. His base salary remains at EUR2 million. His remuneration also includes a short-term bonus of EUR1.73 million, a medium-term bonus payable in 2016 that depends on share performance, and long-term variable compensation that also entails stock options.

The extra pay comes after Mercedes posted higher sales growth in 2014 at 13 percent, which beats the pace posted by larger German luxury rivals BMW and Audi. Thanks to strong deliveries for its flagship S-class sedan and the GLA crossover, Mercedes was able to deliver over 1.65 million vehicles last year, but is still behind Audi by 91,090 and BMW by 161,709.

Combined pay, bonuses and stock options for Daimler's management board, however, dropped 5.6 percent to EUR28.5 million after Andreas Renschler, former head of manufacturing and procurement, jumped ship to Volkswagen in January 2014. Excluding Zetsche, the base salary of the management board jumped an average of 5 percent.

Chief Financial Officer Bodo Uebber earned 3.75 million euros in pay, bonuses and options for last year, a gain of 6 percent. Compensation for Wolfgang Bernhard, the head of the Daimler Trucks division, jumped 11 percent to EUR3.35 million, while that of Hubertus Troska, head of Daimler's Chinese division, surged 6.5 percent to EUR3.22 million.

The bonuses were partly based on Daimler's earnings before interest and taxes, which plunged 0.6 percent in 2014 to EUR10.8 billion. Its 2013 EBIT includes a EUR3.22-billion gain from Daimler's sales of its stake in Airbus Group while its 2014 figure includes gains from disposals of stakes in Tesla Motors and a joint venture with Rolls-Royce Plc.

If you liked the article, share on:

Comments

Recommended

Kia is taking things a step further with the new Kia Stinger, which they first introduced at the 2017 Detroit Auto Show. With the specs given to us by the...
by - June 25, 2017
Earlier this week, Nissan revealed a teaser of the new 2018 LEAF’s interior, giving us an idea of what the electric vehicle has to offer. The company released a video...
by - June 25, 2017
The primary suggestion of a 4x4 ute from French company Peugeot was first revealed in 2016. Fifteen months later, the production version is launched. Now, Peugeot is not shying away...
by - June 24, 2017
The new Jaguar E-Pace crossover will soon hold its official launch on July 13 and is expected to arrive at the showrooms by early next year. It couldn’t have come...
by - June 24, 2017
As prices of the original Shelby Cobra have skyrocketed into astronomical proportions, there are firms like Superformance that serve replicas to consumers who demand the same levels of performance at...
by - June 24, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries