Siemens ups CEO pay to $12 million, lifts outlook

BERLIN: German industrial conglomerate Siemens AG says its chief executive's total pay has risen 25 per cent to about euro9 million ($11.8 million) in the latest fiscal year, and lifted its earning outlook.

Siemens on Thursday said in its annual report for the fiscal year through Sept. 30 that CEO Peter Loescher's fixed salary remained steady at euro1.98 million, but his cash bonus rose from euro2.5 million to euro4.1 million and his stock options increased by more than 10 per cent to euro2.85 million.

The company says it expects income from continuing operations in the fiscal year 2011 will rise between 25 and 35 per cent amid higher revenues. Siemens last month reported 2009/2010 revenue of euro76 billion and a net profit of euro4 billion.