Volkswagen boss Herbert Diess is Germany’s highest paid CEO
Herbert Diess, the chief executive of Volkswagen (VOW.DE),
topped the list of Germany’s highest paid CEOs on the German DAX in 2019,
earning €9.9m (£8.9m, $11.3m), according to an annual survey by the Technical
University of Munich and the German Association for the Protection of
Securities (DSW).
In second place among the top earners on the DAX index of
the country’s 30 most valuable companies came Merck (MRK) chief executive
Stefan Oschmann, raking in €8.5m. Joe Kaeser, the head of Siemens (SIE.DE),
came in third with earnings of €7.2m.
Former SAP chief executive Bill McDermott, who earned over
€15m, would have beaten Diess last year, had he not resigned in October 2019.
The survey did not take into account the salaries at
scandal-hit payments company Wirecard, whose annual report is not available yet.
Wirecard declared insolvency last month after the revelation of a €1.9bn hole
in its balance sheet.
Overall, board member salaries among DAX companies dipped
slightly in 2019, by 0.3%, after a 3.5% drop in 2018. However, despite that
slight drop, top DAX managers overall earned an average of 49 times what their
employees made last year, at an average of €3.4m per each board member.
“The difference between the salaries of normal employees on
the one hand and board members on the other is still huge," said Gunther
Friedl from the TU Munich.
At the beginning of June this year, Volkswagen moved Diess
out of his role as CEO of the VW brand replacing him with chief operating
officer Ralf Brandstaetter from 1 July. The company said the move would allow
Diess more leeway to carry out his job as the chief executive of the whole VW
Group, which owns Audi, Skoda, Porsche, Lamborghini and Bentley.
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