Daimler boss pay doubles in 2010 to 8.7 mn euros

2nd March 2011, Comments 0 comments

Daimler chairman Dieter Zetsche's salary doubled last year to 8.7 million euros ($12 million) as a result of the automaker's strong results, its annual report said on Wednesday.

Zetsche earned 4.2 million euros in 2009 but his bonus soared last year from 689,000 euros to 4.8 million as sales of Daimler's Mercedes-Benz autos rebounded.

The bonus is based on Daimler's earnings before interest and taxes (EBIT), which climbed to 7.3 billion euros in 2010.

Net profit rebounded from a heavy loss in 2009 to a profit of 4.7 billion euros, meanwhile.

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.

In January, the Stuttgart-based car and heavy truck manufacturer said staff would get bonuses of up to 1,000 euros to celebrate "the 125th anniversary of the invention of the automobile" by company founder Carl Benz.

They are also to receive a bonus of 3,150 euros related to the 2010 results.

© 2011 AFP

0 Comments To This Article