March 12, 2012 / 2:10 PM / 7 years ago

Volkswagen CEO's pay nearly doubles to 17.5 mln euros

WOLFSBURG, March 12 (Reuters) - Volkswagen Chief Executive Officer Martin Winterkorn’s pay nearly doubled last year as Europe’s biggest car maker posted record profits and deliveries.

Winterkorn earned 17.5 million euros ($23 million) in fixed salary, bonuses and profit incentives, compared with 9.3 million euros a year earlier, the car maker said on Monday in its annual report. That’s more than any other chief executive among Germany’s top 30 companies listed on the DAX index.

Chief Financial Officer Hans Dieter Poetsch is the second best paid executive on VW’s eight-member management board, earning 8.1 million euros last year, up from 4.2 million euros in 2010. The management board’s total compensation surged 92.4 percent to 70.6 million euros.

VW’s full-year net profit more than doubled to 15.4 billion euros from 6.8 billion euros, reflecting gains in the valuation of VW’s share options on German sports-car maker Porsche SE . The manufacturer sold a record 8.3 million vehicles in 2011, a 15 percent gain on the previous year. ($1=0.7622 euros) (Reporting By Andreas Cremer; Editing by Greg Mahlich)

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