Winterkorn earned 9.33 million euros (SGD 16.4 millon) in fixed salary, bonuses and profit incentives compared with 6.6 million euros a year earlier. Compensation growth stemmed partly from a new long-term incentive plan introduced in 2010. The increase makes Winterkorn one of the best-paid executives among companies on Germany’s benchmark DAX Index. Zetsche, who runs the world’s second-biggest maker of luxury cars, earned 8.69 million euros.
However, I feel that Mr Winterkorn’s incease in pay check is truly justifiable. Volkswagen’s earnings before interest and taxes last year almost quadrupled to a record 7.14 billion euros. Due to the stellar performances, the manufacturer is proposing a 2010 dividend of 2.20 euros per common share and 2.26 euros per preferred share. VW’s supervisory board extended Winterkorn’s contract in January by five years until 2016. The rest of VW’s management board members are handsomely rewarded as well, as their combined pay almost doubled to 36.7 million euros from 18.7 millon euros a year ago.
If you happen to know of a job vacancy in VW, please drop me a PM. Thanks!