FRANKFURT (Reuters) – SAP Chief Executive Bill McDermott’s total pay last year jumped to 15.6 million euros ($16.5 million), overtaking that of Daimler CEO Dieter Zetsche, Germany’s best-paid company executive in 2015.
McDermott’s pay package was lifted by 8 million euros in SAP shares as part of a long-term incentive plan, according to SAP’s annual report published on Tuesday, as well as variable compensation and 2015 milestone payments.
There is no directly comparable figure for McDermott’s 2015 pay because SAP changed its management pay system last year.
SAP shares rose 13 percent in 2016, outperforming the STOXX Europe 600 Technology sector <0#.SX8P> index, which rose 4 percent.
Zetsche earned 13.8 million euros on a comparable basis in 2016, according to European consultancy and executive pay specialist HKP Group. Most of Germany’s 30 blue-chip DAX companies have yet to publish executive pay figures for 2016.
Larry Ellison, CEO of SAP’s U.S. rival Orac>, earned a total of $41.5 million in its last financial year.
McDermott was appointed co-CEO in 2010 and has been SAP’s sole CEO since 2014. SAP shares have almost doubled in value since 2010 and have risen 46 percent since 2014 alone, giving the company a market value of 107 billion euros.
CEOs of German DAX share index <0#.GDAXI> companies earned 5.86 million euros on average in 2015, slightly below the 5.5 million-pound ($6.84 million) average pay of their counterparts at companies in Britain’s FTSE 100 index <0#.FTSE>, according to the UK High Pay Centre.
(Reporting by Harro ten Wolde and Georgina Prodhan; Editing by Greg Mahlich)