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Swiss Re CEO & Other Executives Get a Pay Rise

  • By The Swiss Times
  • 13 March 2024

Swiss Re’s CEO, Christian Mumenthaler, sees a remarkable 22% salary increase in 2023, reaching CHF 7.56 million.

Swiss Re CEO & Other Executives Get a Pay Rise
Keystone/ENNIO LEANZA

CEO of reinsurer Swiss Re, Christian Mumenthaler, has received a significantly higher salary for the past financial year 2023. He was awarded total remuneration of CHF 7.56 million, compared to CHF 6.18 million in the previous year.

The fixed salary component amounts to 1.76 million and the variable component to 5.80 million, as can be seen from the annual report published on Wednesday.

The CEO’s total remuneration has thus risen by 22%, while Group profit increased more than sixfold last year.

The Executive Board received slightly more compensation. According to the figures, the 14 members who belonged to the Board in 2023 (unv. yoy 2022) were awarded CHF 43.8 million compared to CHF 42.6 million previously. This is an increase of just under 3%.

At CHF 8.20 million, the members of the Board of Directors earned less overall than in the previous year (CHF 9.55 million).

Former Chairman Sergio Ermotti in particular received a significantly lower remuneration of CHF 1.31 million than in 2022 (CHF 3.80 million).

Ermotti had left the reinsurer at the end of April because he had rejoined UBS as Group CEO. His successor Jacques de Vaucleroy received a salary of CHF 2.28 million.

Is this fair? Should these top executives be able to give themselves bonus performance pay. Or does the organisations recent success justify these bonuses?

©Keystone/SDA

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