Porsche boss says he understands irritation sparked by his pay

19th December 2008, Comments 0 comments

Wiedeking is believed to be the highest paid boss in Germany, but he has not given details on how much he makes.

Frankfurt -- Wendelin Wiedeking, head of the German luxury sports car maker Porsche and reportedly one of the country's best paid bosses, said in an interview he understood irritation aroused by his salary.

Wiedeking told the political magazine Cicero he could "conceive that with the company's extraordinary success, (his) salary increased by a magnitude that could seem incomprehensible to some."

"I earn a fair amount, it is true," the automaker boss added in comments to appear in the January edition but released in advance.

Wiedeking is believed to be the highest paid boss in Germany, but he has not given details on how much he makes.

In the company's 2007/2008 fiscal year, the amount earned by the entire Porsche board jumped by 27 percent to a total of 143.5 million euros (202.3 million dollars).

Six people split that sum, with Wiedeking getting the biggest share.

German bosses' salaries are a recurring theme of discussion, and some politicians and unions have called for them to be capped.

"Hats off to politicians who can judge what a director is worth," Wiedeking quipped.

He noted that Porsche shareholders had made money as a result of its record results and that he had put his personal fortune on the line when the company was in crisis 15 years ago.

AFP/Expatica

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