Due to the 90% drop in profit from 2007 (to only 3/4 of a billion dollars in 2008) according to The Independent, BMW's directors and senior executives will see a 30% to 40% drop in their bonuses. This means that overall annual compensation package for Norbert Reithofer, the chief executive of BMW, will drop by €1.65m to only €2.3m (about 3.5 million dollars a year.) Hardly enough to live on. The remainder of the BMW workforce is likely to see a 10% drop in their compensation. BMW has already dismissed 7,500 workers worldwide.
BMW To Cut Employee Pay
Due to the 90% drop in profit from 2007 (to only 3/4 of a billion dollars in 2008) according to The Independent, BMW's directors and senior executives will see a 30% to 40% drop in their bonuses. This means that overall annual compensation package for Norbert Reithofer, the chief executive of BMW, will drop by €1.65m to only €2.3m (about 3.5 million dollars a year.) Hardly enough to live on. The remainder of the BMW workforce is likely to see a 10% drop in their compensation. BMW has already dismissed 7,500 workers worldwide.
