WOLFSBURG (dpa-AFX) - VW and Porsche boss Oliver Blume earned more last year despite cutting his salary. Including retirement benefits and variable remuneration for several years, he received just under 10.35 million euros in 2024, according to the Group's annual report. This is 5.4 percent more than in the previous year, when it was 9.7 million. The total salary is made up of the remuneration from VW and the Group subsidiary Porsche. Blume is CEO of both companies.
Like the entire Group Board of Management, Blume waived five percent of his fixed salary at Volkswagen in 2024. His basic salary at Europe's largest car manufacturer fell accordingly from 1.3 to 1.235 million euros. The variable remuneration at VW was also slightly lower than before. In return, however, the salary at Porsche increased.
In total, the nine members of the Group Executive Board earned around 40 million euros. There will be greater cuts in the coming years. In 2025 and 2026, the members of the Board of Management will forgo eleven percent of their total remuneration. If the level of remuneration remains unchanged, the Group will save more than four million euros per year. In the years thereafter, the reduction will be gradually scaled back again./fjo/DP/stk
Volkswagen AG is a Germany-based company, which manufactures and sells vehicles. The Group consists of two divisions: the Automotive Division and the Financial Services Division. The Automotive Division comprises the Passenger Cars, Commercial Vehicles and Power Engineering business areas. This division focuses on the development of vehicles, engines and vehicle software, the production and sale of passenger cars, light commercial vehicles, trucks, buses, and motorcycles, as well as businesses for genuine parts, large-bore diesel engines, turbomachinery, and propulsion components. The Financial Services Division focuses on dealer and customer financing, leasing, direct banking, and insurance activities, fleet management and mobility services. Its brand portfolio includes Volkswagen, Audi, SEAT, SKODA, Bentley, Lamborghini, Porsche, Ducati, Volkswagen Commercial Vehicles, Scania, and MAN.
This super rating is the result of a weighted average of the rankings based on the following ratings: Valuation (Composite), EPS Revisions (4 months), and Visibility (Composite). We recommend that you carefully review the associated descriptions.
Investor
Investor
This super composite rating is the result of a weighted average of the rankings based on the following ratings: Fundamentals (Composite), Valuation (Composite), EPS Revisions (1 year), and Visibility (Composite). We recommend that you carefully review the associated descriptions.
Global
Global
This composite rating is the result of an average of the rankings based on the following ratings: Fundamentals (Composite), Valuation (Composite), Financial Estimates Revisions (Composite), Consensus (Composite) and Visibility (Composite). The company must be covered by at least 4 of these 5 ratings for the calculation to be carried out. We recommend that you carefully review the associated descriptions.
Quality
Quality
This composite rating is the result of an average of rankings based on the following ratings: Returns (Composite), Profitability (Composite) and Quality of Financial Reporting (Composite), and Financial Health (Composite). The company must be covered by at least 2 of these 3 ratings for the calculation to be performed. We recommend that you carefully read the associated descriptions.
ESG MSCI
ESG MSCI
The MSCI ESG score assesses a company’s environmental, social, and governance practices relative to its industry peers. Companies are rated from CCC (laggard) to AAA (leader). This rating helps investors incorporate sustainability risks and opportunities into their investment decisions.
