The year 2025 proved highly lucrative for the majority of DAX company CEOs, with 26 out of 40 chief executives receiving increased compensation, some of it substantially higher. Christian Sewing of Deutsche Bank and Armin Papperger of Rheinmetall emerged as the year’s top risers, seeing their remuneration climb notably.
Christian Sewing experienced a near doubling of his “granted and owed compensation” to almost €15.7 million (up from €6.1 million in 2024). This significant surge was largely due to the first payout of long-term bonuses, which he had been awarded since his appointment in 2018, propelling him to the position of the second-highest earner among DAX CEOs.
Despite a slight reduction in his overall package, SAP CEO Christian Klein successfully defended his top spot, securing approximately €16.2 million (down from €19.0 million). Siemens CEO Roland Busch ascended to third place, with his earnings reaching €12.3 million (an increase from €9.4 million).
While the number of CEOs earning double-digit millions remained constant at six, there were notable shifts within this elite group. Only Christian Klein, Allianz CEO Oliver Bäte, and Deutsche Telekom’s Tim Höttges managed to retain their positions in this exclusive circle. Automotive executives Ola Källenius (Mercedes-Benz) and Oliver Blume (Volkswagen) faced salary cuts of approximately 30 percent, a reflection of the challenges impacting the German automotive industry. Nevertheless, they still outearned BMW CEO Oliver Zipse, despite his compensation increasing by 15 percent.
Armin Papperger, CEO of Rheinmetall, saw his earnings skyrocket to over €10.2 million, representing more than two and a half times his compensation from the previous year. This substantial increase was primarily fueled by the booming defense sector. It is worth noting that the appreciation in value of his Rheinmetall shares was not even included in this reported figure.
Generous Exits for Some DAX Leaders
Often, the most substantial paydays for DAX board members occur upon their departure from a company, whether voluntary or otherwise. This scenario played out for two particular DAX CEOs. Nikolai Setzer, who stepped down from automotive supplier Continental at the close of 2025, received a severance package amounting to nearly €4.8 million, which boosted his total compensation for the year to €9.9 million.
The Bochum-based housing group Vonovia opted not to disclose the exact severance amount for its CEO, Rolf Buch, in its compensation report. However, its annual report generally listed severance payments of €5.8 million for former board members. It has been confirmed that Buch received €3.3 million in addition to his regular salary as part of a non-compete clause, bringing his total earnings to nearly €8.2 million. Furthermore, upon his departure, he was granted Vonovia shares currently valued at approximately €4.5 million.
In 2025, 24 out of the 40 DAX leaders surpassed the €6 million earnings threshold, a significant increase compared to just 16 in the preceding year. To secure a spot in the upper half of the highest-paid DAX CEOs, one needed to earn nearly €6.7 million, a notable rise from less than €6 million required in 2024. These increases in compensation are not solely a reflection of the past year’s successes; the “granted and owed compensation” figures encompass not only fixed salaries and annual bonuses but also long-term bonuses that vested in 2025, which were awarded for performance in previous years.
Beyond the realm of CEOs, Deutsche Bank’s CFO, James von Moltke, emerged as the highest-paid non-CEO in the DAX for 2025. With earnings exceeding €11.3 million, largely attributable to the vesting of long-term bonuses similar to those received by Christian Sewing, he would have secured the sixth position if he were ranked among the chief executives.
