Daimler Board Gets Pay Rise of 45% in 2007

Increases were based on 74% growth in operating profit

By . Agence France-Presse
Feb. 28, 2008 -- Salaries paid to the board of auto group Daimler jumped more than 45% last year as the group divested itself of loss-making U.S. unit Chrysler, figures showed on Feb. 27.
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The nine members of Daimler's board of directors, three of whom have since left the group, shared 29.8 million euros (US$45 million) in salaries and bonuses, compared with 20.5 million in 2006, according to an annual report.

Chairman Dieter Zetsche earned 8.55 million euros last year, a jump of 68%, while earnings by the five other active members of the board amounted to roughly three million euros.

The increases result from growth in Daimler's operating profit, which gained 74% in 2007, the company said.

Daimler's Mercedes brand staged a strong rebound last year. The group also ended a nine-year tie up with Chrysler, which had become a weight on overall profits.

 

Why don't they put that 45% into marketing so that their cars can sell?
When you lay off 1/3 of your workforce, and a large company wipes out all your debt, yeah you're gonna see a profit.