(Reuters) – Mercedes-Benz CEO Ola Kallenius almost doubled his remuneration last year thanks to high bonus payouts, a company report published on Friday showed.
Including pension costs, the CEO took home 12.7 million euros ($13.9 million) last year, an 80% increase from the previous year, according to the report.
The increase makes Kallenius one of the top earners among the CEOs of the 40 companies included in Germany’s blue-chip index, earning more than Volkswagen boss Oliver Blume who took home 9.71 million euros.
Managerial salaries at Mercedes-Benz rose last year for the first time since 2018.
Variable bonuses grew in line with a long-term incentive programme that has been running since 2019, after the company exceeded targets linked to returns and cash flow, the report showed.
Mercedes-Benz extended Kallenius’ contract in July, a deal that should keep the 54-year-old at the helm of the German carmaker until mid-2029.
($1 = 0.9142 euros)
Reporting by Ilona Wissenbach; Writing by Bartosz Dabrowski; Editing by Jan Harvey and Milla Nissi
