Volkswagen and Porsche chief executive Oliver Blume earned 10,3 million euros in total compensation for the past fiscal year, crossing a symbolic threshold as the first executive at the head of a DAX-listed corporation to exceed the ten-million-euro mark, according to a board remuneration study published by the Deutsche Schutzvereinigung für Wertpapierbesitz (DSW).
The DAX Remuneration Landscape and Top Earners
Blume’s compensation package places him at the top of the German corporate ranking for 2023, though experts note his dual mandate as head of both Volkswagen and its sports-car subsidiary Porsche AG represents a unique administrative structure. According to the DSW study presented in July 2024, the widely discussed ten-million-euro threshold has historically functioned as an unwritten ceiling in public debates surrounding executive pay in Germany.
Behind Blume, Adidas chief executive Bjorn Gulden ranked second on the list with total compensation of 9,2 million euros. Christian Sewing of Deutsche Bank placed third with 9,0 million euros, followed by Christian Klein of software firm SAP at 8,8 million euros and Roland Busch of industrial giant Siemens at 8,5 million euros. Across the entire DAX index, executive compensation averaged 5,7 million euros for the year.
International Comparisons Highlight Wider Gaps
Executives heading companies in the French CAC40 index averaged 6,9 million euros, while leaders of Swiss companies in the SMI index averaged 7,6 million euros.
Europe’s highest corporate earner for the period was Bernard Charlès, the 67-year-old chief executive of software developer Dassault Systèmes, who received 46,7 million euros. By comparison, German top earner Blume ranked twelfth across the broader European comparison. Meanwhile, United States chief executives commanded even higher averages at 24,2 million euros, according to the DSW findings.
Global Leaders and Market Conditions
On a global scale, Apple chief executive Tim Cook received the highest total remuneration among all examined indices at the equivalent of 58,4 million euros, despite a 41,3 percent decline compared to his 2022 compensation, as highlighted by DSW managing director and remuneration expert Christiane Hölzl. Microsoft chairman and chief executive Satya Nadella followed with 44,8 million euros, and Salesforce chief executive Marc Benioff recorded 36,6 million euros.
Economist Friedl noted that DAX corporations navigated a challenging economic environment in 2023. Gross domestic product declined by 0,3 percent, inflation averaged 5,9 percent, and the European Central Bank raised its benchmark interest rate to 4,5 percent by September.
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