Joe Kaeser’s job of turning around Siemens is not done yet, but he has already been able to reap the benefits of becoming the company’s chief executive.
His pay has increased to €6.2 million ($7.6 million) for Siemens fiscal year 2014, which ended in September, according to Siemens annual report, which was published on Wednesday. The number includes bonuses.
Mr. Kaeser, who is tasked to increase profitability at the engineering firm to keep up with rivals including U.S.-listed General Electric, earned €4.3 million in the fiscal year of 2013, when he served ten months as the company’s finance chief and two as the chief executive.
He became chief executive in August 2013, taking over from Peter Löscher who left abruptly after Siemens delivered a lackluster set of results.