Management & Strategy
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How they are all in it together - Sandvik President and Chairman pay themselves huge salariesTuesday, 03 April 2012
The CEO of Swedish engineering group Sandvik, Olof Faxander as well as his board chairman, who approve salaries have received huge pay.
The CEO saw his salary level to increase by 29 percent compared with others in the industry and the sector. The chairman, Anders Nyren, fixed himself compensation increase of 13 percent last year.
But Faxander got smaller bonuses, so the total salary for the eleven months he had time for last year was Skr11.4 million. The company’s former chief executive Lars Pettersson, had the year before Skr15.7 million, including bonuses, according to the company’s financial statements.
By Scancomark.se Team
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