Mercedes team boss Ola Källenius almost doubled his compensation last year thanks to high bonuses. In total, the automaker's CEO received 12.74 million euros including retirement costs, according to a compensation report published on Friday. This was 80% more than in 2022. Källenius is one of the highest earners among the CEOs of DAX 40 companies, and he also earns more than Volkswagen boss Oliver Blume, due to his dual role as head of DAX VW and VW. Porsche: 9.71 million euros.
Director salaries have not increased since 2018
The fact that the jump in Källenius is so high is due to several factors: Base salary at Mercedes-Benz was increased last year after managers' salaries had not been increased since 2018. Variable bonuses increased because the long-term incentive program that had been in operation since 2019 was paid out and the associated targets were exceeded returns and cash flows.
In addition, at Mercedes-Benz, half of the annual bonus is no longer paid until the following year. Last year, the Stuttgart-based car manufacturer introduced achieving sustainability targets as an additional criterion for measuring the performance of senior managers. Kallenius made the announcement shortly after taking office in 2019.
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