BMW CEO Norbert Reithofer Earns 7 Million Euro for 2013 image

Norbert Reithofer, CEO of German automaker BMW, has reached increased earnings last year, thanks to the automaker’s positive results for 2013.

Remuneration for Norbert Reithofer has increased 6% surpassing 7 million euro, according to the recently released annual report.

Together, the German automaker’s board members received a total of 34.5 million euro. Taking into consideration the record dividend of 2.60 euro per share, the company’s three major shareholders, Susanne Klatten, Stefan Quandt and Johanna Quandt can expect a lush payment.

German automaker Daimler also increased its CEO’s pay by 1.2% as the company managed to cut the sales gap with its larger rivals in 2013 on record deliveries. Dieter Zetsche’s compensation for 2013 increased from 8.15 million euro in 2012 to 8.25 million euro for 2013, according to Mercedes-Benz annual report. Compensation for the company’s management board increased 11%.

Compensation for CEO Dieter Zetsche, the CEO Daimler Ag., includes the base salary of 2.01 million euro (the same as the previous year), a long-term variable bonus that includes stock options, a medium-term variable bonus which depends on the shares’ performance and which will be paid in 2015 and a short-term bonus of 1.71 million euro.

According to IHS Automotive, BMW, the largest premium carmaker in the world will sell about 1.77 million vehicles in 2014 – up from record 1.66 in 2013. However, Reithofer, during the annual report press conference told journalists  the company plans to sell 2 million cars this year.