John Revill

ZURICH (Reuters), Siemens Chief Executive Roland Busch received 6.94 Million Euros ($7.86M) as compensation for his 2021 business year. This was Busch’s first year at the engineering and tech company. The group published its annual report on Thursday.

According to an annual report, Joe Kaeser’s 57 year-old successor took over in February from Joe Kaeser. He saw his compensation (including pension contributions) rise from the 5.05m euros he earned a previous year as deputy chief executive.

Kaeser (who led Siemens starting in 2013) received 4.6 millions euros for the period ending September 2021. That’s down from the 9.27million euros he received one year prior.

Siemens saw an increase in revenue of 11% and net profit by 59% during the current business year as it bounced back after the 2021 pandemic.

According to the annual report, Busch can earn a maximum 15.3 million euro for 2022 if his goal for next year is met. Targets include higher revenue growth and earnings per share as well as increased sustainability and diversity.

Siemens targets revenue growth of at least 10% in 2022 and earnings per share between 8.70 and 9.10 euro, an increase from 8.32 euros for the fiscal year 2021.

Busch was also awarded a larger 2021 compensation package by his board colleagues. Cedrik Neike who heads the Digital Industries unit saw his compensation go up to 4.12 million Euros, and Chief Financial Officer Ralf Tom’s was 4.82 Million euros.

Matthias Rebellius is a board member who was also the head for Smart Infrastructure division. Judith Wiese is chief people officer and sustainability officer and received 4.19million euros.

The compensation package for Chairman Jim HagemannSnabe was reduced to 608,000 Euros from 632,000, because the supervision board met fewer times due to pandemic restrictions.

($1 = 0.8827 euros)