Teamviewer boss Oliver Steil earned more than 71 million euros in 2020.
The rain of money could continue at the end of this year.
Göppingen - These lines are tough: anyone who turns to page 90 of the Teamviewer AG annual report will be amazed.
The level of the salaries of the two board members of the Prime Standard-listed provider of remote maintenance solutions can be found here.
Overall, the CEO Oliver Steil has a salary of almost 71.7 million euros for 2020, CFO Stefan Gaiser at least just over 36 million euros.
In the previous year it was 41.3 and 20.8 million euros respectively.
At Steil, this would correspond to a daily salary of over 190,000 euros.
Follow our economic reports on our LinkedIn company page and join the discussion.
Teamviewer boss with a mega salary: More than the Dax bosses
With this, the two Teamviewer bosses leave all Dax board members far behind.
Frank Appel, the head of Deutsche Post, comes to ten million euros.
With Siemens CEO Joe Kaeser it is 9.3 million euros, with Merck boss Stefan Oschmann nine million euros.
The managers had to accept some drops in salaries last year.
According to the Frankfurt remuneration consultancy HKP, the salaries of Dax board members fell by an average of 28 percent to 5.3 million euros in 2020.
The cause is the corona pandemic, which has stopped the salaries that have been rising for years.
While the basic salaries remained constant, the variable components have collapsed due to falling profits.
Teamviewer boss with a mega-salary: there could be a full second in 2021
A closer look at the numbers reveals the cause of the imbalance.
Teamviewer boss Steilmann receives a fixed salary of 900,000 euros, a lower fixed salary than the Dax board members - but rich bonuses.
In the annual report, “third-party services” amounting to over 70.1 million euros are stated.
These services relate to an agreement with the former owner Permira, who had made a billion profit with the IPO of Teamviewer two years ago.
In it, the then owner and the two board members agreed to share in the company's increase in value.
If certain goals are achieved or even exceeded, a reward is due.
Since this was the case last year, as was the case in 2019, according to the annual report on December 1, 2020, Steilmann received exactly 1,765,971 shares at the then average price of EUR 39.73 per share.
At Gaiser, whose base salary is 550,000 euros, there were still 884,778 shares.
And it could go on like this.
The annual report states on page 59: “The second outstanding share allocation in the same amount is expected to take place in the fourth quarter of 2021, provided certain contractually defined grounds for exclusion do not preclude the granting.” This means that the two managers are facing another rain of money.
Because business is going well.
Steil told the online magazine Businessinsider that by the end of March, Teamviewer software solutions had been installed on over 2.25 billion devices worldwide.
Record holder ex-Porsche boss Wendelin Wiedeking
The best-paid manager in Germany so far is Wendelin Wiedeking.
In the 2007/2008 financial year, the then Porsche boss earned 100.6 million euros in the course of the takeover battle with Volkswagen.
The salary included a profit share of 98 million euros.
