Saying that 2011 has been a very good year for the VW Group would be an understatement of huge proportions. Almost as huge as the 8.36 million sales the German group recorded in its best-ever year.
Naturally, the man running the show should get a handsome award for this success, which brought its company to second place overall in worldwide sales.
According to VW's annual report, VW Group CEO Martin Winterkorn earned €17.5 million (US$23 million) in salary, bonuses and profit incentives. That’s almost double the €9.3 million (US$12.2 million) he got in 2010, and according to Reuters, the higher payment for a CEO of any German company listed on the DAX index.
Winterkorn wasn’t the only VW board member who got a raise: total compensation for all eight members of the VW Group board increased by 94.2 percent compared to 2010, to €70.6 million (US$92.9 million).
While these numbers might seem quite staggering, it’s actually small change compared to the group’s 2011 net profit, which doubled from 2010’s €6.8 billion (US$8.9 billion) to €15.4 billion (US$20.2 billion).
Consolidated operating profit rose to a record €11.3 billion (US$14.9 billion), an improvement of €4.1 billion compared with the previous year, while the VW Group's sales climbed 14.7 percent to 8.36 million vehicles surpassing the figure of eight million vehicles for the first time.
9 Comments:
If someone made me billions I wouldn't mind paying him millions as a reward. There are people that make a difference.
That amount is obscene. If VW has so much money they should use some of it to build better cars and lower their prices.
Then who would run the company,,,,,,,,Mitt Romney? Soon he'll be looking for work.
They just had a article earlier about how European car workers(VW workers hopefully too) are paid better than everywhere else and the sales were strong. So in this case, this CEO deserves a pay raise as his company made money, and did not lose money. This is (hopefully) ethical buisness behavior and the way a buisness should be run.
As opposed to their American counterparts who walked away with bonuses funded by the American taxpayers through TARP.
If it weren't for the people underneath him none of this could have happened. Did they also get raises?
what if VW group had done bad, would he then have agreed on half his salary?
I don't know how a man and his family can live off such a paltry sum. It's not about that he got a raise it's the total amount which is vastly disproportionate to other worker's salaries. That spread is what is causing the death of the middle class. You have the working poor near the bottom, fewer and fewer in the middle and CEOs making untold riches. They may not bat an eye to paying execs these figures when times are good (why should they, they are probably getting theirs too), but what a ball and chain during harder times!
Ever wonder what could be done by skimming just a few million off the top of these guy's pay and giving to the truly needy? I doubt most of them would even notice. I'm not advocating that but let's get real here folks!
@7d431b244a64c0518118ce4048011de7 : It's not like he's saving lives! He didn't find a cure for cancer now did he?
Well...then he's not worth the 23 million.
Look at what is stated: ..." in salary, bonuses and profit incentives."...What I say?profit incentives?When was this invented? Because what it means is this: With only a big salary and a large bonus I can not rob my company enough. I will have to invent another way to make some more money for myself...EUREKA! I found it. I'll just say that the bonus wasn't enough. That I got a bonus anyway...nhot for making such wonderful profits but just because I am there.So lets invent the profit incentive...just to motivate myself on making large profits.He's actually telling us that we are just to stupid for buying his cars.That's what: profit incentive actually means.
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