class = “sc-cffd1e67-0 iQNQmc”>
The past year has not been easy economically. Central banks have increasingly tightened interest rates, production and consumption prices have risen, and industry is still struggling with a crisis.
This also caused problems in the stock market index of the 20 largest Swiss companies (SMI). It was still trading just above 11,000 points at the beginning of 2023, and fell to just over 10,000 points in October. Then, a slow but steady rise began in November. It reached its annual high of 11,700 points in March 2024.
Companies listed in SMI are responsible for these ups and downs with different weights. Despite the ups and downs, the CEOs of these companies earned more in fiscal 2023 than in the previous year. In total, they raised 154.4 million francs. In 2022, this figure was still 143.9 million francs. This means an increase of almost 5 percent, or 10.4 million francs.
Big increase in Novartis CEO’s salary
One of the biggest winners of 2023 is Novartis captain Vas Narasimhan (47). He earned nearly 8 million francs more than last year. So he is practically the only one responsible for the increase in CEO salaries from 2022 to 2023. Vas’ fee caused a sensation in the general assembly.
Other than Narsimhan, no driver has made such a big breakthrough. UBS CEO Sergio Ermotti (63) earned two million francs more than his predecessor Ralph Hamers (58) in his first nine months at the helm of the monster bank. The Ticino resident won 14.4 million francs.
But there are also losers: Partners Group CEO David Layton (39) had to be written off from taxes. If he earned 9 million francs in 2022, he will have to make do with 6.83 million francs in 2023. Thomas Schinecker (48) earned nearly 6 million francs less than his predecessor Severin Schwan (56) in his first year as CEO of the pharmaceutical company Roche.
Changes are coming
In the future, the two CEOs will have to give up the high salary that comes with running an SMI company. In addition to ABB boss Björn Rosengren (65), who will leave his job at the end of 2024, Lonza boss Pierre-Alain Ruffieux (53) has also left his post. Morten Wierod (52), already a member of the management team, will take over the reins from Rosengren. Lonza is now led by Chairman Albert Baehny (71). A successor is not yet known.
For Bracken Darrell (57), this was also his last paycheck as CEO of electronics manufacturer Logitech. His successor, Hanneke Faber (55), is already in the service and can look forward to a big payday. She is also the only woman currently leading an SMI group.
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
