Pegged to the fortunes of the company in which he is the chairman, Dieter Zetsche is a happy man nowadays, as his 2010 pay amounted to 8.7 million Euros. This is in more than double the Daimler chairman earned in 2009, which was “mere” €4.2 million. The spike in the Chairman’s pay was a result of a 4.8 million Euro bonus for 2010, compared to 689,000 Euros for 2009. These bonuses are dependent on company earnings before taxes, which hit €7.3 billion last year, benefitting from the worldwide rebound of sales of Mercedes cars and trucks. It was not only Herr Zetsche who got a hefty bonus. Total bonuses for the managing board, of which there are 6 members, amounted to €25 million for 2010.
This is a contrast to 2009, when directors took a 15 percent pay cut while workers became part-time employees in order to help the company return to profitablilty. Aside from the top executives, workers in the company will also receive bonuses of up to €1,000 to celebrate “the 125th anniversary of the invention of the automobile” by company founder Carl Benz. Additionally, a pay increase of 3,000 Euros will be due workers as a result of 2010 sales.