Mercedes CEO saw two-fold increase in 2023 remuneration pushed by big bonus boost

More moolah for Merc CEO: Mercedes CEO Ola Kallenius saw an almost two-fold increase in his remuneration in 2023, pushed by a high bonus payout, a company report published on Friday showed. The pension costs included, the Mercedes CEO took home 12.7 million euros ($13.9 million) last year, an 80 per cent increase from the previous year, as per a report. 

The pay increase makes Kallenius one of the top earners among the CEOs of the 40 companies included in Germany's blue-chip index. DAX, earning more than Volkswagen VOWG_p.DE boss Oliver Blume who took home 9.71 million euros. Managerial salaries at Mercedes-Benz increased last year for the first time since 2018. 

The variable bonuses grew in line with a long-term incentive programme that has been running since 2019, after the company exceeded targets linked to returns and cash flow, the report showed. Mercedes-Benz extended Kallenius' contract in July, a deal that should keep the 54-year-old at the helm of the German carmaker until mid-2029.

(With Reuters Inputs)