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Daimler’s Zetsche Gets New Contract – And Pay Cut

Daimler’s Zetsche Gets New Contract – And Pay Cut

by on Feb.27, 2013

Daimler CEO Dieter Zetsche gets a pay haircut. Photo by Len Katz.

The good news for Daimler AG Chairman Dieter Zetsche is that he’s got another three-year contract. But he’ll have to balance it against the nearly 6% pay cut he’s been ordered to take by the automaker’s supervisory board after the company missed its profit targets and palace intrigue at Daimler’s Stuttgart headquarters begins to intensify.

If misery loves company, Zetsche isn’t alone. As TheDetroitBureau.com reported earlier this week, Volkswagen AG CEO Martin Winterkorn took a nearly $4 million haircut, though his pay still came to nearly $20 million.

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And then there’s General Motors Chairman and CEO Dan Akerson. Early reports indicated he was gunning for a 20% pay hike, which would bring his all-in compensation to $11 million. But with Washington bureaucrats criticizing recent increases in pay for executives at companies that survived the recession through federal bailouts, Akerson apparently decided he’s be comfy with the $9 million he got last year.

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