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

Article by Andrew Christian, 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.

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