Biz people: Scania's Oestling gets $4m package

Scania AB Chief Executive Officer Leif Oestling (right) received 28.2 million kronor ($4.02 million) last year in salary and compensation as the truckmaker posted gains in earnings and sales.

Oestling's earnings included 7.5 million kronor as his fixed salary, 13.1 million kronor in performance-based incentives and 7.57 million kronor in pension contributions, the Soedertaelje, Sweden-based truckmaker said in its 2006 annual report.

Oestling earned 44.16 million kronor in 2005, after exercising a personal stock option worth 20.5 million kronor.

The other top 23 Scania managers last year earned 122.2 million kronor in base salary, incentives and pension payments, according to the company's annual report.

Scania, which makes the R-series heavy truck for use in long-haul distribution of goods and in construction as well as city buses and marine engines, said in January that full-year net income rose 27 percent to 5.94 billion kronor as revenue climbed 12 percent to 70.7 billion kronor.

The company's full-year unit sales also increased 12 percent to 65,281 trucks and buses.

(China Daily 04/04/2007 page16)