Tuesday 13 March 2012

Volkswagen CEO nearly doubles yearly income

If Volkswagen is contending to become the best-selling car manufacture globally by 2018, it needs to pay its CEO top-dollar to keep him happy. So, it's unsurprising to hear that the head of the Volkswagen Automotive Group, Martin Winterkorn pocketed $23 million (£14.6m/€17.6m) in fixed salary, bonuses, and profit incentives, nearly doubling his wages from the year prior.

According to Bloomberg, Winterkorn was paid around $12.2 million (£7.8m/€9.3m) by VW in 2010.

Even though Volkswagen was unable to knock GM off the top-spot to become the world’s largest carmaker in 2011, Winterkorn led the firm to a record year. Volkswagen's earnings before interest and taxes increased by 59% to $14.8 billion (£9.43bn/€11.3bn) in 2011, with sales increased by 15% to 8.3 million units.

Winterkorn is said to be the highest paid executive of any company listed on Germany’s DAX Index and one of the best-salaried in the industry. In comparison, Daimler CEO Dieter Zetsche saw his pay decrease to $11.37 million (£7.2m/€8.46m) last year.

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