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Top bosses’ salaries rise – but not at Credit Suisse

The CEOs of leading companies listed on the Swiss stock exchange saw their earnings rise by an average 5% to CHF6.8 million ($7.3 million) last year, says Swiss financial news agency AWP.

Severin Schwan, CEO of Swiss pharmaceutical company Roche, retained the top spot, earning CHF15 million, which was 3% more than in the previous year. But Thomas Gottstein, CEO of troubled bank Credit Suisse, saw his salary halved to CHF3.75 million.

The AWP analysis covers 24 of the 30 listed companies that have so far published their 2021 remuneration report. Two-thirds of the CEOs received a raise. If two big exceptions – the CEOs of Credit Suisse and chemicals firm Sika – are excluded, the average rise in salaries and variables like shares and profit-sharing would have been 10%.

Ralph Hamers, CEO of bank UBS, comes second in the ranking, earning  CHF11.5 million. His predecessor Sergio Ermotti, however, received much more. In the last ten months of his mandate, he received CHF13.3 million.

And Vasant Narasimhan, CEO of pharma group Novartis, comes third with remuneration of CHF11.2 million, which is nevertheless 12% lower than in 2020. The CEO of food giant Nestlé, Mark Schneider, follows closely behind with CHF10.6 million.