Zurich boss Mario Greco receives significantly more wages
Zurich boss Mario Greco will receive a fee of 9.2 million francs for 2021.
tsf. Mario Greco, head of the Zurich insurance group, will receive more wages for 2021 than in the previous year. The reason for this is the significantly improved business results. Overall, the CEO was paid a fee of 9.2 million francs, as Zurich announced on Friday in its annual report. In the previous year, Greco had received 8.8 million francs. Greco’s fixed salary component totaled 2.2 million in 2021 and the variable components came to 7 million. The variable salary components have increased significantly compared to the previous year.
Overall, the 14 members of the Executive Committee benefited from an improvement. Total remuneration rose from CHF 47.7 to 48.2 million within a year. The committee consisted of 14 people last year.
The remuneration of the Chairman of the Board of Directors, Michel Liès, was 2 (previous year: 1.9) million Swiss francs. The entire Board of Directors received a fee of 5.5 (previous year: 5.4) million Swiss francs.
As Zurich further announced, the Annual General Meeting on April 6 is to be held again without the physical participation of shareholders due to the pandemic. Among other things, the previous ICRC President Peter Maurer is to be elected as a new member of the Board of Directors.
Oracle’s profit almost halved
(Reuters)/tsf. The American software and hardware manufacturer Oracle Corp reports a sharp decline in profits for the third quarter. The surplus fell to $2.32 billion from $5.02 billion in the same period last year, the company said. The reason for the drop in profits is high spending on building data centers around the world and investing and losses from other investments. With the investments, Oracle is primarily focusing on cloud services and, for example, brought customers such as the American video service Zoom on board.
Quarterly sales of $10.51 billion were in line with expectations. Shares of the Austin, Texas-based company are down 6 percent in after-hours trading.