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:

Comments

Recommended

Opel revealed it has sweetened the pot for 2017 Insignia Grand Sport customers with the Opel Exclusive program. Through this program, the brand hopes to introduce a wide selection of...
by - February 22, 2017
Fireball Performance Cars has been known to make the fastest sixth generation LT1 Camaros in the world. Once again it has managed to walk the talk as it hit a...
by - February 22, 2017
The North American unit of German premium carmaker BMW is recalling around 19,000 units of its BMW i3 electric vehicle because of the risk of fuel leak. You may ask,...
by - February 22, 2017
A publication by the U.S. Patent and Trademark Office revealed that Honda is still looking into the Project 2&4 Concept. Officially unveiled during the 2015 Frankfurt Motor Show, the Project...
by - February 22, 2017
Barely a month before its official debut, Hyundai gave everyone a taste of what’s to come with the 2017 Hyundai i30 Wagon. Despite what little was shown, it did not...
by - February 22, 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