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German Executive Pay Soars Despite Economic Weakness

Despite economic slowdown, executive pay in top German companies reached record highs in 2023; while women still earn more than men, the gap is shrinking.

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German

Germany

EconomyGermany Labour MarketFinanceBusinessGenderCompensation

DaxMdaxSdaxEyVolkswagen

Oliver BlumeJens Massmann

Was the increase in executive compensation consistent across all companies?: Although the overall average compensation increased, there's a notable variation between companies. Some companies faced strong headwinds, while others saw substantial profits.
How does the compensation of women executives compare to their male counterparts?: While women in executive boards still earn more on average than their male counterparts, the gap is narrowing. In 2023, women's salaries stagnated while men's increased.
What factors contributed to the increase in executive pay despite a weak economy?: The increase in executive compensation is attributed to a combination of factors including strong performance by some companies, performance linked to sustainability goals, and international competition for top talent.
Who was the highest-paid DAX manager in 2023, and what was their approximate compensation?: The best-paid DAX manager in 2023 was from the struggling automotive industry, earning approximately €10.3 million. Average CEO compensation in the DAX reached €5.7 million.
What was the overall trend in executive compensation for DAX, MDAX, and SDAX companies in 2023?: Despite a weak economy, top managers of DAX, MDAX, and SDAX companies earned more than ever in 2023, with an average increase of 11%.

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