Mexican Media Brands
Executives at Daimler Took Pay Cut for 2012
Daimler AG reduced the compensation of its top managers last year by shrinking bonuses because the company missed its 2012 earnings goals and scrapped its operating profit targets for this year.
#economics
Share
Daimler AG reduced the compensation of its top managers last year by shrinking bonuses because the company missed its 2012 earnings goals and scrapped its operating profit targets for this year.
Daimler says it shrank the bonus pool for the company's eight management board members last year by 28% to €4.7 million ($6.2 million). As a result, the group's total compensation fell 3% to €27.3 million ($36 million). Those figures could be adjusted later, depending on the company's medium- and long-term performance.
CEO Dieter Zetsche, who also leads the underperforming Mercedes-Benz Cars unit, took a 6% pay cut to €8.2 million ($10.8 million) last year.
RELATED CONTENT
-
On The German Auto Industry
A look at several things that are going on in the German auto industry—from new vehicles to stamping to building electric vehicles.
-
On Quantum Navigation, EVs, Auto Industry Sales and more
Sandia’s quantum navi, three things about EVs, transporting iron ore in an EV during the winter, going underwater in an EV (OK, it is a sub), state of the UK auto industry (sad), why the Big Three likes Big Vehicles, and the future of logistics.
-
Mazda, CARB and PSA North America: Car Talk
The Center for Automotive Research (CAR) Management Briefing Seminars, an annual event, was held last week in Traverse City, Michigan.