Chief executive officer Dieter Zetsche has received a salary upgrade of 1.4 percent from Germany’s Daimler after in 2014 the executive steered Mercedes-Benz, the world’s third largest luxury automaker, to record sales.
Besides posting the delivery record, the German carmaker also managed to close the gap with its archrivals BMW and Audi after posting growth that outpaced the results at the two competitors. According to Daimler’s annual report, Zetsche’s pay for last year soared to 8.36 million euros ($9.49 million) from 8.25 million euros in 2013 – though his base salary remained unchanged at 2 million euros. Mercedes in 2014 managed to lift global sales at a faster pace than larger rivals BMW and Audi, buoyed by demand for the recently updated flagship S-class sedan and compact cars, including the new GLA crossover. Mercedes-Benz delivered a total of 1.65 million units around the world last year, rising 13 percent over the figure posted a year before. Now the automaker only trailed Audi by 91,090 autos and BMW by 161,709 deliveries.
Zetsche also has a complex salary paycheck, which includes – besides the standard “wage” – a short-term bonus of 1.73 million euros, a medium-term bonus of the same amount that is due in 2016 and depends on the company’s share performance and a long-term completely variable remuneration that includes stock options. The two bonus features were also upgraded by 1.2 percent. Meanwhile, for the entire management board at Daimler the overall pay, bonuses and stock options slumped 5.6 percent to 28.5 million euros after in January 2014 Andreas Renschler, the manufacturing and procurement chief left to take charge of VW AG’s truck business.
Via Automotive News Europe