Ferdinand Piech, Volkswagen Group’s supervisory board Chairman, who has recently been in the media spotlight for his public feud with the German carmaker’s CEO, Martin Winterkorn, is Germany’s highest paid supervisory board chief according to a survey of the country’s top ranked companies.
Piech, whose leadership has been weakened after confrontation with other senior board members, has received an increase of almost 25% in his compensation from VW, up to $1.57 million. The survey indicating these numbers was made by the German consulting firm Hkp Group, survey that also showed Volkswagen’s records of 2014 regarding its profit and deliveries.The second best paid in Germany was Deutsche Bank Chairman Paul Achleitner, who received a 27% increase in his compensation, reaching a $883,622 sum that included fixed salary and variable components. The third and fourth position in the best company chairs were taken by Siemens Chairman Gerhard Cromme and Henkel’s Simone Bagel-Trah, who have earned $664,232 and $628,079, respectively , according to the before mentioned survey.
Winterkorn, who defeated Piech’s efforts to bring him down, earned an immense total of 15.9 million euros in 2014 according to Volkswagen, which is more than any other CEO made in Germany’s best 30 companies listed in the German stock index.The confusion that almost made Volkswagen’s Group CEO Martin Winterkorn lose his job the previous week stems from the automaker’s difficult situation in the United States where Volkswagen has made very little progress during the eight years Winterkorn has been in charge. Volkswagen invested about $1 billion to build a factory in Tennessee in order to produce an affordable Passat sedan to cater for U.S. customers. However, the carmaker’s U.S. market share fell 2% in the first quarter of this year, a level which has not been so low since 2009.
By Gabriela Florea