Volvo Group has raised the salary of CEO Martin Lundstedt, so that he now earns the equivalent of 250,000 kroner every single day.
The salary for CEO at Volvo Group is significantly higher than average.
Martin Lundstedt's regular salary will increase to 21.7 million Swedish kronor in 2024. This corresponds to 14.3 million kronor.
In addition, there are a number of bonuses and allowances that significantly increase the director's wealth and earnings at Volvo. And it doesn't seem to have peaked yet.
Not even though Volvo Group, which builds trucks, buses, construction equipment and marine technology, experienced a 2024 with varying results.
Despite a downturn in the truck and construction materials market after a period of growth, the company achieved an operating profit of almost SEK 66 billion. Revenue fell by 3 percent to approximately SEK 527 billion.
Overall truck sales fell by 5 percent, while service sales increased by 4 percent. The operating margin – what the Volvo Group earns after expenses and tax payments are deducted – ended at 12.5 percent.
However, at the headquarters in Gothenburg, the result will only be called 'satisfactory'.
– I would like to express my gratitude for all the hard work put in by colleagues and supplier partners, as well as to our customers worldwide for a successful 2024.
– Through our joint work, we shape the world we want to live in, says Martin Lundstedt in the annual report that Volvo Group has just released .
Martin Lundstedt's total income for 2024 reached over 69 million Swedish kronor. In addition to the fixed salary, he received 15.2 million Swedish kronor in short-term bonuses, 24.9 million Swedish kronor in long-term bonuses and 318,000 Swedish kronor in benefits.
In addition, he noted that his pension assets have grown by 7.5 million Swedish kronor after another year as a top figure for Volvo.
If the total annual salary is divided over the number of working days, it corresponds to approximately 250,000 kroner per day. That is 166,000 kroner in Denmark.
