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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.
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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.
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