Siemens CEO Compensation Increase

ZURICH (Reuters) – Siemens Chief Executive Roland Busch's compensation package rose 26% to €8.61 million ($9.04 million) for the 2024 financial year, according to the German engineering company on Wednesday.

Busch, who has led Siemens since February 2021, saw his compensation increase from €6.82 million in 2023, as noted in its annual report.

Including pension fund service costs of €752,000, Busch's total package reached €9.36 million, up from €7.61 million in 2023.

Chief Financial Officer Ralf Thomas received the second-highest pay on Siemens' management board, earning €6.74 million, increased from €5.27 million the previous year.

These raises are contrasted by a mere 3% increase in compensation for Siemens staff in Germany, averaging €110,000.

For the 2024 financial year, ending in September, Siemens reported a 5% increase in net income to €8.99 billion, marking the company's highest level ever.

Over the last 12 months, Siemens stock has risen by 23.2%, mirroring Germany's DAX index.

($1 = €0.9523)