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Business

Deutsche Post Reveals Top Managers' Pay

In the face of regular criticism for shrouding managers' incomes in secrecy, Deutsche Post made its top employees' earnings public on Tuesday. Chief executive Klaus Zumwinkel received more than €1.72 million ($2.12 million) in 2003, of which his salary comprised half and a generous bonus the rest, but it excludes the rights to stock options. All told, the eight members of Deutsche Post's supervisory board received around €10.2 million last year, plus the rights to more than €1 million in stock options. That makes 20 percent more than in 2002. Also on Tuesday, DSW, Germany's largest organization for private investors, repeated its demand that German companies disclose their executives' pay. DSW head Ulrich Hocker said it was important to be able to compare salary developments with profit developments. He predicted that 10 of the 30 German stock index firms would reveal their managers' salaries this year. Last year only six German firms did so.