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Continued million salary for Volvo CEO Martin Lundstedt

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Robin Rasper, Goteborgs-Posten  /  March 12, 2019

A strong increase in sales with good profitability - AB Volvo is now approaching SEK 400 billion in sales. And the fourth quarter also provided increased earnings and improved margins.

The improved deal is now also visible in the Volvo CEO's wallet. Last year, Martin Lundstedt raised his basic salary to SEK 14.6 million, from SEK 13.1 million a year earlier, shows the company's annual report for 2018.

The CEO also discards a short-term variable remuneration of SEK 12.5 million. That is 87.7 percent of the bonus-based salary.

According to the long-term variable incentive program, he will also receive SEK 10 million, which will be reinvested in Volvo B shares, if the upcoming general meeting gives a thumbs up.

In addition to basic salary and bonus programs, the truck manager also has other advantages, mainly in the form of car and housing benefits. These amounted to just over SEK 300,000 in 2018.

All in all, AB Volvo's CEO received a remuneration of just over SEK 37 million last year, including the remuneration from the long-term bonus program.

Martin Lundstedt is also covered by a number of pension plans, in addition to the collective agreement pension benefit. In total, the Volvo Manager's pension premiums amounted to SEK 6.1 million in 2018, according to the recent annual report.

AB Volvo reported an adjusted operating profit of just under SEK 40.7 billion for the full year 2018. This meant that the margin increased from 8.8 to 10.4 percent.

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