PE remuneration analysis 2024: MBB CEO cracks the 6 million mark

Christof Nesemeier leads the ranking of listed private equity managers with 6.4 million euros - LTIP programs drive remuneration to record highs.

MBB dominates remuneration landscape through stock option realization

Christof Nesemeier, Executive Chairman of MBB SE, achieved total remuneration of €6.4 million in 2024 and thus leads the ranking of listed private equity managers. Remarkably, his fixed salary was just €265,000. The main share was generated from the Long-Term Incentive Program (LTIP) of 2020, whose share option rights were activated by reaching share price thresholds.

MBB CEO Constantin Mang follows with €3.6 million in total remuneration, €3.2 million of which came from the LTI program. COO Jakob Ammer (€858,000) and CIO Torben Teichler (€817,000) ranked below the million mark, but received substantial long-term bonuses.

Mutares confirms million-euro remuneration structure

Mutares CEO Robin Laik came second with 5.6 million euros, based on a fixed salary of 1 million euros and a bonus of 4.5 million euros. The variable remuneration system is based on the annual net profit in stages - the maximum bonus of EUR 4.5 million applies at EUR 100 million. Mutares generated a net profit of EUR 108.3 million.

CFO Mark Friedrich received EUR 1.7 million (previous year: EUR 3 million), while CIO Johannes Laumann received EUR 1.9 million despite only being on the Management Board for six months. Laumann's remuneration included three sign-on bonus tranches of EUR 435,000 each, whereby he is obliged to invest net amounts in Mutares shares or Steyr Motors securities.

DBAG Management Board members exceed million mark

At Deutsche Beteiligungs AG (DBAG), CEO Tom Alzin (1.055 million euros) and Jannick Hunecke (1.063 million euros) earned over one million euros with fixed salaries of 550,000 euros each. CFO Melanie Wiese, whose contract expires at the end of 2025, earned EUR 811,000 - an increase of 26% compared to the previous year.

Moderate remuneration for smaller companies

Indus CEO Johannes Schmidt earned 883,000 euros, CFO Rudolf Weichert 703,000 euros. The three segment board members received between 618,000 and 626,000 euros.

Blue Cap paid severance payments to three former members of the Executive Board following changes to the Executive Board. CEO Henning von Kottwitz received 677,000 euros, COO Henning Eschweiler 379,000 euros.

Gesco brought up the rear: CFO Andrea Holzbaur received EUR 352,400 and the new CEO Johannes Pfeffer a pro rata share of EUR 162,300.

Brockhaus Technologies with delayed reporting

After months of delay due to KPMG audit reservations, Brockhaus Technologies also published its remuneration data: CEO Marco Brockhaus earned 841,000 euros, COO Marcel Wilhelm 394,000 euros.

The analysis shows that LTIP programs and performance-based bonuses are driving PE compensation well above base salaries and establishing multi-million dollar earnings as the standard at listed private equity firms.