- March 11, 2011
Volkswagen’s Chief Winterkorn gets pay increase 41% to $12.9M
Volkswagen AG CEO Martin Winterkorn’s compensation surged 41% last year, leaving behind the pay given to Daimler AG CEO Dieter Zetsche, as Europe’s biggest carmaker posted record earnings.
Winterkorn earned 9.33 million euros ($12.9 million) in fixed salary, 6.6 million euros in form of bonuses and profit incentives a year earlier.
Wolfsburg, Germany-based VW said in its annual report. Compensation growth stemmed partly from a new long-term incentive plan introduced in 2010.
Winterkorn becomes one of the best-paid executives among companies on Germany’s benchmark DAX Index with this 41% pay increase. Zetsche, who runs the world’s second-biggest maker of luxury cars, earned 8.69 million euros ($ 12 million).
Deutsche Bank AG CEO Josef Ackermann was paid 9.55 million euros in 2009. Siemens AG, Europe’s biggest engineering company’s CEO Peter Loescher got 9 million euros for the year.
Volkswagen’s earning before interest and taxes last year reached to a record 7.14 billion euros. The manufacturer is proposing a 2010 dividend of 2.20 euros per common share and 2.26 euros per preferred share.
VW’s CEO, Winterkorn’s contract was extended by VW’s supervisory board in January for five years until 2016. Pay for Volkswagen’s eight-member management board, almost doubled to 36.7 million euros from 18.7 million euros.