Executive Salaries in German Listed Companies Fall But Almost Exclusively for Women

Executive pay in Germany’s leading companies fell in 2024, but almost exclusively for female board members, according to a study released by consultancy EY on Sunday. The average compensation for female executives, excluding CEOs, dropped by 11 percent year-on-year to €2.15 million. In contrast, the average pay for male executives rose slightly by 0.4 percent to €2.27 million.

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As a result, EY said, this marks the first time since 2014 that women on executive boards of Germany’s top-listed companies earn less than their male counterparts. Overall, average executive pay across companies listed on the DAX, MDAX, and SDAX indices declined by three percent to €2.65 million. “This decrease is mainly due to the overall weak revenue and profit development of the companies,” explained Jens Massmann of EY.

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Massmann attributed the sharp decline in average pay for female executives primarily to “the significantly lower salaries of newly appointed female board members.” He added, “The times when female executives were a rare species and could demand very high salaries are over.”

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The study found the gender pay gap is particularly pronounced among DAX-listed companies when including CEOs. Average pay for women on these boards fell from €3.05 million to €2.92 million in 2024, while men’s pay rose slightly from €3.34 million to €3.38 million. “This has created a pay gap of almost half a million euros between female and male executives,” EY said.

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According to EY, variable pay linked to performance accounts for about 70 percent of total executive compensation. At the top of the earners’ list stands Volkswagen CEO Oliver Blume, with a total package of around €11.56 million, followed by Deutsche Bank CEO Christian Sewing with €9.75 million and SAP CEO Christian Klein with €8.92 million.

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Among female executives, Merck CEO Belén Garijo received the highest compensation at around €7.63 million, EY reported. Deutsche Bank’s Rebecca Short ranked second with €6.50 million, followed by Fresenius Medical Care CEO Helen Giza, who earned €5.75 million.

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