Wendelin Wiedeking, chief executive of Porsche, has defended a hefty pay rise and an overall package estimated at €60m-€70m ($89m-$103m) last year, which makes him one of the world’s highest paid industrial managers. The German sports-car maker does not disclose individuals’ pay but insiders said Wednesday that Mr Wiedeking accounted for more than half of the €113m the management board received, up from the €42m the board was paid last year. The highest individual pay declared last year by a listed German company was an estimated €13m received by Josef Ackermann, Deutsche Bank chief. Mr Wiedeking pointed to Porsche’s rise in pre-tax profits from €2.1bn to €5.9bn and an increase in both bonuses to workers and dividends to shareholders.

This entry was posted by Gwen Robinson on Thursday, November 29th, 2007 at 5:30 and is filed under Capital markets, People. Tagged with porsche. Edit this entry.