By John Revill
ZURICH – Siemens Chief Executive Roland Busch picked up 6.94 million euros ($7.86 million) in compensation for the 2021 business year, his first year leading the engineering and technology company, the group’s annual report, published on Thursday, showed.
The 57-year-old, who took over from long-serving CEO Joe Kaeser in February, saw his compensation, including pension contributions, increase from the 5.05 million euros he received a year earlier as deputy CEO, the annual report said.
Kaeser, who led Siemens from 2013, picked up 4.6 million euros for the year to end of Sept. 2021, the report said, down from 9.27 million euros he received a year earlier.
During the business year, Siemens increased its revenue by 11% and net income by 59% as the trains and industrial software maker bounced back from the pandemic hit 2021.
Busch will pick up a maximum of 15.3 million euros for 2022 if he exceeds all his goals for next year, the annual report said. The targets include comparable revenue growth, and basic earnings per share, as well as increasing sustainability and diversity.
For 2022, Siemens is targeting revenue growth in the mid-single digit percentage range, and basic earnings per share of 8.70 to 9.10 euros, up from 8.32 euros in the 2021 fiscal year.
Busch’s fellow board members also got bigger compensation packages for 2021. Cedrik Neike, who leads the Digital Industries unit, saw his compensation increase to 4.12 million euros, while Chief Financial Officer Ralf Thomas’s package rose to 4.82 million euros.
Matthias Rebellius, a new board member and the head of Smart Infrastructure division, received 3.44 million euros, while fellow newcomer Judith Wiese, who is chief people and sustainability officer, got 4.19 million euros.
Chairman Jim Hagemann-Snabe’s compensation package fell to 608,000 euros from 632,000 euros, as the supervisory board held fewer meetings due to pandemic restrictions.
($1 = 0.8827 euros)
(Reporting by John Revill, editing by Silke Koltrowitz and Jane Merriman)