Motoring @ AsiaOne

Fastlane: Salary too high?

Wendelin Wiedeking's reported annual salary of 70 million euros (S$149 million) has raised the ire of German president Horst Kohler.
Christopher Tan

Sat, Dec 08, 2007
The Straits Times

PORSCHE chief executive Wendelin Wiedeking's reported annual salary of 70 million euros (S$149 million) - that's before stock options - has raised the ire of German president Horst Kohler. 'Bosses have to grasp that their behaviour has an impact on social solidarity and I can see that society and the business culture are growing further apart,' Mr Kohler, former head of the International Monetary Fund, said.

Mr Wiedeking has been credited with turning Porsche from a loss-maker to one of the world's most profitable companies within a decade. With its recent acquisition of Volkswagen shares, Porsche is now a controlling stakeholder in Europe's largest vehicle maker.

 
 
 
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