German Executive Board Salaries Fall in 2024, Hit Women Disproportionately, Widening Pay Gap
In 2024, executive salaries in Germany’s publicly listed companies fell overall, but mostly impacted women, widening the gender pay gap.
- • Average female executive board pay dropped 11% to €2.15 million in 2024, while male pay rose 0.4% to €2.27 million.
- • It is the first time since 2014 that women earn less than men on German executive boards.
- • Overall executive pay in DAX, MDAX, and SDAX companies declined 3% to €2.65 million.
- • Top-paid executives include Volkswagen's Oliver Blume (€11.56M) and Merck's Belén Garijo (€7.63M) among women.
Key details
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.