Siemens CEO Busch’s compensation rises 26% to 8.61 million euros
11:02 am Wednesday, December 04th, 2024
ZURICH (Reuters) -Siemens Chief Executive Roland Busch’s compensation package rose 26% to 8.61 million euros ($9.04 million) for the 2024 financial year, the German engineering company said on Wednesday.
Busch, who has led Siemens since February 2021, saw his compensation increase from 6.82 million euros in 2023, the firm said in its annual report.
When pension fund service costs of 752,000 euros are added, Busch’s total package rose to 9.36 million euros, up from 7.61 million euros for 2023, the figures show.
Chief Financial Officer Ralf Thomas was the second-highest remunerated member on Siemens’ five-person management board, with a package of 6.74 million euros, up from 5.27 million euros a year earlier.
The raises contrast with a 3% increase in compensation for Siemens staff in Germany to an average of 110,000 euros.
For its 2024 financial year, which ran to the end of September, Siemens reported a 5% increase in net income to 8.99 billion euros, the company’s highest ever level.
During the last 12 months Siemens stock has risen 23.2%, in line with Germany’s DAX index.
($1 = 0.9523 euros)
(Reporting by John Revill)
