Deutsche Post chief exec earns 1.7 million euros
Deutsche Post, the stockmarket-traded German mail carrier, disclosed for the first time Tuesday what its chief executive earns per year: 1.72 million euros (2.09 million dollars) plus stock options.
The figure appeared in the 2003 financial report of the Bonn-based group, which emerged from the old German post office and owns parcels company DHL. The group said it was going for maximum transparency, beyond what was required in the German corporate governance code.
Half of group chief Klaus Zumwinkel’s pay was fixed and the rest was a performance-related bonus. His remuneration rose 20 per cent from 2002. The company did not say what share of 1 million euros in stock options for the board was claimed by Zumwinkel personally.
Rising rates of executive pay are controversial in Germany at the moment, with the code forcing the biggest companies to reveal pay. dpa jbp sc
Copyright © 2004 dpa Deutsche Presse-Agentur GmbH
