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Pay cuts for Deutsche Börse senior managers
13 May 2010
Deutsche Börse Group’s remuneration report for 2009 shows a fall in performance-related remuneration for the exchange’s senior management. The exchange has already announced restructuring plans that will involve substantial job cuts (see FOW, April 2010).
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Deutsche Börse
Eurex
Reto Francioni
Andreas Preuss
The total pay for Reto Francioni, chief
executive, dropped from Eu3.6m in 2008 to Eu2.5m in 2009. Compensation for
Andreas Preuss, chief executive of the Eurex group of companies, fell from
Eu2.8m in 2008 to Eu1.9m in 2009.
Eurex is jointly owned by Deutsche Börse and the
SIX Swiss Exchange. Total executive board compensation fell from Eu13m in 2008
to Eu9.4m for 2009, largely as a result of declining performance-related pay.
Eurex recently brought in US management consultant
McKinsey to oversee a phased programme of cuts, after profits for 2009 halved
year on year. Deutsche Börse says the combined cuts could lead to cost savings
of Eu150m a year, largely through redundancies and moving back office staff
to eastern Europe.