November 28, 2018 / 2:03 PM / 14 days ago

Siemens CEO received pay rise in 2018: annual report

Siemens CEO Joe Kaeser attends the company's annual news conference in Munich, Germany, November 8, 2018. REUTERS/Michael Dalder

BERLIN (Reuters) - Siemens paid its chief executive Joe Kaeser a total of 7.82 million euros ($8.82 million) during its 2018 financial year, the German engineering company said in its annual report on Wednesday, up from 7.65 million euros a year earlier.

The figure takes into account all different forms of reward, including Kaeser’s fixed salary as well as elements of stock-based compensation at their value on the grant date.

The salary increase of roughly 160,000 euros comes as Siemens reported a decrease in net profit to 5.81 billion euros during 2018, a year in which Kaeser unveiled a new strategy to make the trains-to-turbines maker more nimble and profitable.

Kaeser, who has led Siemens since 2013, unveiled a new plan which will trim the number of Siemens’ industrial businesses to three from five and give them more autonomy.

During 2018 the company has been battling a severe downturn in its power and gas business and floated part of its Healthineers medical business.

The annual report also confirmed the company’s outlook for 2019 and its expectations to close the planned trains unit merger with France’s Alstom (ALSO.PA) in the first half of 2019.

Reporting by Tassilo Hummel and John Revill; editing by Louise Heavens

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