The Swiss cooperative bank's welcome payments for its new CEO and other top executives illustrate that «golden hellos» aren't just for big banks.
Raiffeisen paid two top executives 549,000 Swiss francs ($567,000) in «compensation for relinquished bonuses» last year, according to the Swiss cooperative bank's annual report (in German) published on Friday. CEO Heinz Huber and new risk and compliance boss Markus Voegelin were the recipients.
Huber, who joined from Thurgau's cantonal bank, earned 1.45 million francs last year. Pay for its eight-person top management totaled 7.34 million francs, while departing executives were paid another 4 million francs last year.
Chairman Guy Lachapelle took home 750,000 francs. Raiffeisen's board, which is comprised of ten directors, was paid a total of 2 millionen francs; Lachappelle abolished attendance fees for directors, which had totalled 709,000 francs in 2018.
