German Executive Board Salaries Fall in 2024, Hit Women Disproportionately, Widening Pay Gap

In 2024, executive board salaries at publicly listed German companies decreased overall by 3%, but this drop largely affected female executives. A study by EY reveals that the average pay for female board members (excluding CEOs) fell by 11% to €2.15 million, while male executives saw a slight 0.4% increase to €2.27 million. This marks the first time since 2014 that women on executive boards earn less than their male counterparts. The gender pay gap now amounts to nearly €500,000.

The decline in female executive compensation is most pronounced in DAX companies, where women’s average salaries dropped from €3.05 million to €2.92 million, whereas male executives’ pay edged up from €3.34 million to €3.38 million. Variable, performance-related pay accounts for 70% of the total compensation.

Top earners include Volkswagen’s Oliver Blume with €11.56 million, Deutsche Bank’s Christian Sewing with €9.75 million, and SAP’s Christian Klein with €8.92 million. Among women, Merck’s Belén Garijo leads with €7.63 million, followed by Deutsche Bank’s Rebecca Short (€6.50 million) and Fresenius Medical Care’s Helen Giza (€5.75 million).

EY expert Jens Massmann attributes the overall decline to weak revenue and profit development in these companies, making the widening gender pay gap a significant concern in German corporate leadership for 2024.