Compensation of DAX Board Members Rose in 2023 - VW CEO Breaks 'Sound Barrier'
The compensation of DAX board members in 2023 increased by 5.8%, with an average payment of 3.6 million euros per member, according to a study by the Deutsche Schutzvereinigung für Wertpapierbesitz (DSW). Volkswagen CEO Oliver Blume broke the 'sound barrier' by earning 10.3 million euros, making him the highest earner.
Björn Gulden from Adidas and Christian Sewing from Deutsche Bank ranked second and third at 9.2 million euros and 9.0 million euros, respectively. The study also revealed that the board compensation exceeded personnel expenses per employee by a factor of 40. In comparison, the average salary in the EuroStoxx 50 was 6.9 million euros, while in the US, the average CEO earned 24.2 million euros.
Apple CEO Tim Cook and Dassault Systèmes CEO Bernard Charlès were the top earners internationally. Despite the increase in compensation, the DAX CEOs earned less than their counterparts in Switzerland and France.
Overall, the DAX companies performed well in 2023, with the German stock index increasing by 20.3%.
The press radar on this topic:
How much the DAX bosses earn: The most expensive one gets 10 million a year - DER SPIEGEL
Dax bosses earn so much: Up to ten million euros annual salary - DER SPIEGEL
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