The outgoing head of Daimler, which makes Mercedes-Benz cars, will pocket more than €1 million annually and is eligible for even more. The sum is reportedly a record pension package for the head of a German company.
Dieter Zetsche, the chairman of German carmaker Daimler, will get an annual pension package of €1.05 million ($1.2 million) after he leaves his post this year, the company confirmed Sunday.
"There could be further claims on top of that," a Daimler spokesperson told news agency dpa, adding that the pension package was set in 2017.
The spokesperson said Zetsche would also be entitled to draw on a separate retirement fund set up for Daimler managers which could amount to an additional €500,000 per year.
That amount, combined with his pension package, would break down to around €4,250 per day.
That figure matches the amount cited by German newspaper Bild am Sonntag, which initially reported on the story.