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Volvo CEO's there for the money as a multi-million salary package is unveiled for him

Wednesday, 13 March 2013
The CEO Swedish engineering group, AB Volvo, Olof Persson received a total of Skr13.2 million in salary last year. This shows that the new CEO is there for the money and he has not squinted at any Öre.

The company saw its profit fell sharply between 2011 and 2012, from Skr26.9 to Skr17.6 billion, but there is no scandals lining up in the fiscal year, according to reports.
CEO Olof Persson received a salary of Skr13.2 million, of which Skr1.7 million, or 15 percent, is consisted of variable compensation. He also get to keep the car and housing, a total of Skr803000 in 2012.

Since Olof Persson is a relatively new CEO,  no real comparison to the past is being made, but the variable remuneration of the other members of the Group management declined from Skr23.9 million to Skr5.8 million.

The Group management's total compensation was Skr56.6 million in base salary and Skr5.8 million in variables. That means an actual reduction in the base salary of Skr1.6 million, and with Skr18.1 million for the variable remuneration.

The entire leadership of AB Volvo, if  all salary and variable compensation are added up will stand at Skr75.6 million in pay.
by Scancomark.com Team

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