Vw CEO Martin Winterkorn receives a substantial pay rise

Article by Christian Andrei, on March 12, 2012

The best-paid CEO among the 30 companies listed on Germany's DAX Index is Martin Winterkorn, the CEO of the Volkswagen Group (which posted a record profit in 2011). Winterkorn had earnings amounting to 17.5 million euros ($23 million), which is 87% higher than 2010's 9.33 million euros. An 11 million-euro bonus is included in last year’s earnings.

Winterkorn's pay increase is proof of Volkswagen’s "clear earnings advancements" under his leadership, according to personnel chief Horst Neumann. In January 2007, Winterkorn was named VW CEO. The second best paid executive on VW's eight-member management board is Chief Financial Officer Hans Dieter Poetsch.

He earned 8.1 million euros last year, higher than the 4.2 million euros reported in 2010. The total compensation of the management board went up by a shocking 92.4% to 70.6 million euros.

VW's earnings before interest and taxes rose 59% in 2011 to 11.3 billion euros. A record 8.3 million vehicles was sold by Volkswagen in 2011. Some of its brands are Audi, Bentley, Skoda and Seat. This is 15% higher than the previous year. On the other hand, the pay given to Daimler CEO Dieter Zetsche fell a bit last year to 8.65 million euros. This is despite the company’s record results.

Topics: vw, ceo

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