Friday, November 30, 2007

Porsche chief defends €70m salary

WOW! At least the proportion ( 5 times ) to the CEO from Deutsche Bank is ok....... I assume this isn´t helpfull to win the hearts and minds of the VW employees that are still very sceptical how deep the cost cuts Porsche as the new major sharholder ( 30 percent ) will implement at VW.... At least he gets the outrages pay for good stock & company performance and not for screwing up like O´Neil, Prince etc....

Noch fragen....? Einzig die Relation zu Ackermann stimmt......Ich kann mir gut vorstellen das diese astronomische Zahl nicht hilfreich sein wird die Herzen bei den VW Angestellten zu erwärmen.....Immerhin bekommt Wiedeking das als Gegenleistung für ne gute Firmen & Aktienentwicklung und nicht wie in den USA als Abfindung für unterirdische Leistungen...

FT Porsche chief defends €70m salary
Wendelin Wiedeking, chief executive of Porsche, has defended a hefty pay rise and an overall package estimated at €60m-€70m ($89m-$103m) last year, which makes him one of the world’s highest paid industrial managers. The German sports-car maker does not disclose individuals’ pay but insiders said Wednesday that Mr Wiedeking accounted for more than half of the €113m the management board received, up from the €42m the board was paid last year.
The highest individual pay declared last year by a listed German company was an estimated €13m received by Josef Ackermann, Deutsche Bank chief. Mr Wiedeking pointed to Porsche’s rise in pre-tax profits from €2.1bn to €5.9bn and an increase in both bonuses to workers and dividends to shareholders.
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