How rich is Herbert Diess?
Herbert Diess is an Austrian manager who was born in Munich in 1958. He has been CEO of the German automotive group Volkswagen since April 2018. He also holds several positions on the Supervisory Board. He is chairman of the supervisory boards of Škoda Auto, Seat, and Audi and a member of the supervisory board of FC Bayern München AG. His successful career began with studying automotive engineering at the Munich University of Applied Sciences. At that time, he laid the foundation for his managerial work and career. Today he is the top earner in the German share index (DAX). Herbert Diess’s estimated net worth is € 65 million.
Academic training and scientific activity
Herbert Diess began his studies at the University of Applied Sciences in Munich at 19. There he studied automotive engineering up to the preliminary examination. The talented manager then decided to study mechanical engineering at the Technical University of Munich. Since 1983 he has been able to call himself a qualified engineer. He then started working as a research assistant at the Technical University of the Bavarian capital. He worked for five years at the Institute for Machine Tools and Industrial Management. In 1987 he completed his doctorate in engineering – his doctorate dealt with the development of automated assembly processes. Also, since 1988 he has headed the university department for assembly automation.
The entrepreneurial career
After five years of scientific work at the Technical University of Munich, Herbert Diess decided to switch to business. He spent the first seven years at the traditional German group Bosch GmbH in Stuttgart. Since 1990 he has been the head of planning & maintenance in a Spanish Bosch plant. In 1993 he even took over the technical management of the plant. In 1996 he switched to the German automobile company BMW. There he was responsible for managing various plants and business areas. In 2007 he was appointed to the Board of Management of BMW AG, where he was initially responsible for purchasing and suppliers. From 2012, the Austrian was involved in the development business area.
Herbert Diess and Volkswagen AG
At the end of 2014, it became known that Herbert Diess had switched to Volkswagen AG. At that time, Martin Winterkorn was the CEO of VW. A little later, the millionfold manipulation in diesel cars’ emission tests became known. This cost Winterkorn his post. A few months after Diess joined VW, he was given responsibility for the Volkswagen Passenger Cars brand. As a proponent of electromobility, Herbert Diess drove forward Volkswagen AG’s development in this regard.
In April 2018, Volkswagen AG announced that Herbert Diess would become the new CEO of the entire group – the high point of his career. Except for Ferdinand Piëch, no VW head had more powers than Herbert Diess. In 2020 he gave up the core brand VW management to have more freedom as CEO. In 2018, the VW boss received an award from CEOWORLD magazine. This described Diess as one of the best CEOs in the world.
The highest paid DAX manager
With the rise to Volkswagen’s head, Herbert Diess has moved up into the ranks of Germany’s top earners. In his first year in office, he received almost 8.5 million euros, which consisted of a fixed salary, pension entitlements, bonuses, and variable remuneration. In 2019, his salary continued to rise. Herbert Diess earned an annual salary of 9.9 million euros and was thus the DAX group manager with the highest annual earnings. The Munich native stayed just below VW’s self-imposed limit. In the past, those responsible stipulated that the CEO may earn a maximum of 10 million euros per year.
The supervisory board positions
Herbert Diess’ main activity is the chairmanship of the management board at Volkswagen AG. He is also chairman of Skoda, Audi, and Seat, all of which belong to the Volkswagen Group. He is also an FC Bayern München AG’s supervisory board and receives the corresponding remuneration. This is how the manager continues to increase his wealth.