Vw’s CEO Martin Winterkorn is better paid than Daimler’s CEO Dieter Zetsche

Article by Christian A., on March 25, 2011

Volkswagen AG CEO Martin Winterkorn was paid more in 2010 than Daimler AG CEO Dieter Zetsche. Winterkorn’s compensation had increased by 41% as record earnings were posted by Volkswagen, Europe's biggest carmaker. In VW’s annual report, it was shown that Winterkorn earned 9.33 million euros ($12.9 million) in fixed salary, bonuses and profit incentives compared with 6.6 million euros in 2009.

The increase in compensation is due partly to a new long-term incentive plan presented in 2010. Winterkorn is now one of the best-paid executives among companies on Germany's benchmark DAX Index. On the other hand, Zetsche, the CEO of the world's second-biggest maker of luxury cars, earned 8.69 million euros.

In 2009, Deutsche Bank AG CEO Josef Ackermann was paid 9.55 million euros, says Automotive News. Meanwhile, Peter Loescher (CEO of Siemens AG, Europe's biggest engineering company) earned nearly 9 million euros for the year through Sept. 30.

In addition, Deutsche Post AG, the region's largest postal service, revealed that CEO Frank Appel had a total compensation of 2.96 million euros in 2010. It’s no surprise that Winterkorn earned a lot in 2010 as Volkswagen's earnings before interest and taxes nearly quadrupled to a record 7.14 billion euros.

VW has proposed a 2010 dividend of 2.20 euros per common share and 2.26 euros per preferred share. Last January, Winterkorn's contract was extended by VW's supervisory board by five years until 2016.

Of course, Volkswagen's eight-member management board, CFO Hans Dieter Poetsch and sales chief Christian Klingler, were also paid more. Their compensation nearly doubled to 36.7 million euros from 18.7 million euros. Even Michael Macht, who only joined the board last October, had received 1.03 million euros.

If you liked the article, share on:

Pin It

Comments

Recommended

South Korean car company SsangYong recently revealed sketches of their upcoming SUV. We’re not always impressed by Korean car designs, but this one looks quite promising. Yup, it is the...
by - March 26, 2017
Twenty-eight years after the company was first launched by Toyota, which was initially targeted to the United States market only, Lexus has already made its way to over 70 countries....
by - March 26, 2017
Last year was probably Porsche’s best year ever in terms of sales. Their factory in Stuttgart delivered 237,778 cars in total, which represents a six percent increase compared to the...
by - March 26, 2017
Lamborghini has disclosed that it is looking into the possibility of releasing electric vehicles. With the Volkswagen Group revealing that it will be releasing electric vehicles within several years, there...
by - March 25, 2017
Daimler AG, through its Smart division, has disclosed that its two electric models, the Smart ForTwo and the Smart ForFour are now open for orders in Germany. Official market launch...
by - March 25, 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