In 2011, Volkswagen Chief Executive Officer Martin Winterkorn earned 17.5 million euros, as Europe’s biggest car maker posted record profits and deliveries.
The fixed salary of 17.5 million euros ($23 million) is almost double compared to 9.3 million euros a year earlier. That’s more than any other chief executive among Germany’s top 30 companies listed on the DAX index. The second best paid executive on VW’s eight-member management board is Chief Financial Officer Hans Dieter Poetsch, with 8.1 million euros last year, up from 4.2 million euros in 2010.
The management board’s total compensation surged 92.4 percent to 70.6 million euros. Comparatively, Mulally’s total compensation package in 2010, as reported by Ford, was $26.5 million, making him among the highest-paid CEOs in the United States. His total 2011 compensation has not yet been disclosed.
The company’s net profit of 15.4 billion euros more than doubled compared to 6.8 billion euros a year early, reflecting gains in the valuation of VW’s share options on German sports-car maker Porsche SE. Volkswagen sold 8.3 million units in 2011, 15% more than the previous year.