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

Right now, Audi is in the earliest stages when it comes to developing a fully electric supercar. But as this technology is still a few years away before they can...
by - June 16, 2018
Mercedes-AMG only came out with the E43 lineup a few years ago, and already, the said model is ready to retire the badge so they could give way for the...
by - June 14, 2018
The Ford F-150 Raptor is probably one of the coolest offroad vehicles out there, and the great news is that the automaker already has planned upgrades for the 2019 model...
by - June 14, 2018
After the German automaker unveiled a new 911 Speedster Concept on Friday, we are starting to think that Porsche’s long line of Speedster models could expand again. Just like the...
by - June 13, 2018
For those of you who have been waiting for Porsche’s first electric vehicle, which is supposed to come after the Porsche Mission E, the automaker had just reported that the...
by - June 12, 2018