Philipp Rickenbacher, CEO of Julius Baer, was paid more than the previous year after exceeding his performance targets.
In his first full year running Julius Baer, Philipp Rickenbacher took home 5.89 million Swiss francs ($6.3 million) after surpassing his annual targets, the Swiss private bank said in its annual report released on Monday. Rickenbacher had taken home 4.41 million francs in 2019, after taking over the job from Bernhard Hodler in September of that year.
Rickenbacher's pay includes a 3.9 million franc bonus and – as with his predecessors Hodler and Boris Collardi – fixed pay of 1.5 million francs. The CEO had been instrumental in reaching targets in a tough year, the bank said – and had consolidated leadership of the bank and its holding into one.
Higher Fixed Pay
Hodler and before him Collardi had earned more than 6 million during most of their respective tenures as CEO. Rickenbacher, who is ushering in a new pay scheme for private bankers, ditched a long-held target for new assets and cut jobs shortly after taking over.
His nine-person top management took home 32 million francs, according to the report. Fixed salaries were lifted slightly, Julius Baer said. Chairman Romeo Lacher was paid 1.1 million francs.
