Plex
Zorce Jedi Master
Joined: 01 May 2005
Posts: 9039
Location: T&T
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 Posted: Fri Nov 30, 2007 7:11 am Post subject: Porsche CEO Wiedeking defends enormous salary |
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Being the CEO of a major car manufacturer is not traditionally considered a job that will net you paychecks on par with Formula 1 drivers. For Porsce CEO Wendelin Wiedeking, however, his salary for last year would cover at least four times Ralf Schumacher�s pay when he was at Toyota. Wiedeking defended his estimated �60 million-�70 million ($89 million -$103 million) salary by pointing to increased corporate profits and bonuses for workers and shareholders.
In his defense, pre-tax profits for Porsche did rise nearly �4 billion from �2.1 billion to �5.9 billion over the past year. Wiedeking is quoted by FT.com as saying, �I think when the company does well then those who have contributed should share in that.� That�s all well and good, but the entire remainder of the board of Porsche earned less than half what Wiedeking did for the year. Workers received bonuses and shareholders received dividends as well, with dividend payments up 145 percent to around �6 per share.
Last year the entire board of Porsche - including the CEO - earned only �42 million ($62 million).
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