As of: March 13, 2024, 4:32 p.m
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Oliver Blume has headed the Volkswagen Group since summer 2022.
© Michael Kappeler / dpa
Oliver Blume has been managing Volkswagen since summer 2022.
In his first full year at the helm of the group, the Braunschweig native earned around 10 million euros.
Berlin - Volkswagen boss Oliver Blume has moved into the top group of the highest paid DAX board members in his first full year at the helm of the Wolfsburg-based car manufacturer.
His remuneration, including pension contributions, amounted to 9.71 million euros in 2023, according to the annual report published on Wednesday.
The year before, in which he was promoted to CEO instead of Herbert Diess in September, it was 7.39 million euros.
As part of cost-cutting measures throughout the company, Blume, like the rest of the board, foregone five percent of his salary.
Despite saying goodbye in 2022: Diess deserves more than Blume
Despite his departure in the summer of 2022, Diess earned more than Blume because, as is usual at Volkswagen, he will receive his executive salary for two more years given the contract that runs until October 2025: he earned 12.81 million euros last year, just under one million more than in his last active year.
This was due, among other things, to the fact that a good four million euros in long-term bonuses from 2020 to 2022 were due.
Because Blume continues to run the listed sports car subsidiary Porsche AG, both companies share his salary equally.
His remuneration was increased by a bonus for the successful IPO of Porsche.
The first of three equally sized share tranches amounted to 637,000 euros.
Under Blume's leadership, VW as a whole was able to post record sales and profits last year.
(Reuters, lf)