Daimler Ag. Chief Executive Dieter Zetsche doubled his compensation in 2010 to 8.7 million euros ($12 million) as a result of the automaker’s strong results, its annual report said on Wednesday.
The increase makes Daimler’s CEO one of the best-paid executives among companies on Germany’s benchmark DAX Index.
The six members of the management board were paid a total of almost 25 million euros, more than double the 2009 figure of 10 million euros.
From May 2009 through June 2010, directors took a 15 percent pay cut while workers accepted part-time work measures to help Daimler weather the global financial crisis.
Dr. Dieter E. Zetsche serves as the President of Daimler North America Corporation. Dr. Zetsche has been Head of Mercedes-Benz Carsof Daimler AG (also known as Daimlerchrysler AG and Daimler-Benz AG) since September 1, 2005.
He has been Chairman of the Board of Management of Daimler AG since January 1, 2006 and as its Member of Management Board since December 16, 1998.
The manufacturer of Mercedes-Benz cars and Daimler trucks, listed a fourth-quarter profit of 1.14 billion euros ($1.55 billion), in contrast to a loss of 352 million euros a year ago. Revenue climbed 24 percent.
Daimler said it expects its earnings in 2011 to be “significantly in excess” of 2010’s final figures.