Categorized | Economy, Salaries

Best Paid Chief Executives in Switzerland

Posted on 28 March 2007 by Fixer

The executive management at Credit Suisse divided up 178 million francs in 2006, according to the annual report of the second largest Swiss bank. The eight members of the management committee at Credit Suisse took in 151.4 million francs, while 26.9 francs were attributed to administrators.

The remuneration for Oswald Grubel was not specified. That will change however in the next annual report due to the decision of the Federal Coucil of May 2006. In the future, companies must publish the salaries of their top paid directors. The president of Credit Suisse, Walter Kielholz took in 12.1 million francs in 2005, and CHF 16 million in 2006. That’s 10 million francs less than the revenue of the CEO of Oerlikon. With a revenue of CHF 26 million, Thomas Limberger figures up top with the highest paid managers in Switzerland, next to Daniel Vasella of Novartis and Marcel Ospel of UBS (CHF 26.5 million). In the banking sector, Josef Ackermann, head of Deutsche Bank, made CHF 21.4 million and has the title of highest paid executive in Germany. Roche’s chief executive Franz UBS Marcel Ospel

Humer made CHF 16.7 million and Nestle’s Peter Brabeck took in 14.1 million for 2006.

Compared to executive pay in the United States, executive pay in Switzerland remains modest.

In fact, overall, Switzerland currently ranks fourth at 25.6 euros, behind Norway, Denmark and western Germany for labor costs. The high price of labor costs in Switzerland is primarily due to the shortage of skilled labor in Switzerland. The Swiss marketplace for jobs is especially tight with low unemployment, high wages, and an elevated degree of disposable income. There are hundreds of agencies in Switzerland specializing in the recruitment of professionals for key Swiss industries, such as the banking, pharmaceutical, and luxury industries.

The Swiss executive landscape is full of foreign managers, particularly from the North America, the UK, France, Germany and Italy.

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