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VW CEO rewarded handsomely for stellar 2011 performance

By SYF77 on 20 Mar 2012

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2011 was a record year for the VW Group, posting 8.36 million sales worldwide. The man at the helm, Martin Winterkorn, naturally gets rewarded handsomely as VW nearly doubled the pay for its chief executive.

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Winterkorn earned €17.5m (S$ 28.8m) through salary, bonuses and profit incentives, compared with just €9.3m the year before. That's more than any other chief executive among Germany's top 30 companies listed on the DAX index.

Of course, Mr Winterkorn’s team should get rewarded as well. The entire management board's total compensation almost doubled to €70.6m, compared with €36m in 2012. The board consists of eight members. This means that on the average, each board member gets an annual pay cheque of about S$14.5m in 2011. It looks like sitting on the VW board is more lucrative than being a minister in Singapore.

VW's full-year net profit more than doubled to €15.4bn from €6.8bn, reflecting gains in the valuation of VW's share options on Porsche. Its 8.36 million sales was a 15% gain from year 2010. Despite the challenging conditions in Europe, VW commented that it was targeting a further increase in sales and revenue.

On a more conservative note, the group’s goal for operating profit this year is to match last year’s €11.27bn. The group added that cost controls will be important due to increasingly stiff competition in a challenging market environment.

Based on this comment, I believe we can expect to see even more component sharing among the different brands in the VW Group.

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Written by SYF77
I have been a car fanatic since 1989, when my father was changing our family car then to a Toyota Corolla 1.6 GL fitted with a Twin Cam 16 valve engine that was carburetor-fed, a big deal back in those days. The automobile technology and industry fascinates me and I hope to broadcast these interesting developments to everyone out there through this blog.

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Jetabout777 Mar 20 2012 03:45 PM
VW has grown by leaps and bounds. Well deserved paycheck, no doubt about it.
Soran Mar 20 2012 10:59 PM
This guy turned the VW group into one of the most successful megacorporations around. He deserves his salary far more than our so-called "first-class" ministers
Lilblackrabbit Apr 20 2012 03:35 AM
Relatively, our ministers are already the highest paid in the world. But are they as efficient and productive as the VW's executives? - Look at how they roll out policies without proper planning and you'll know.
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