Two CEOs in Switzerland earn over CHF20 million – Ermotti’s not one of them

UBS CEO Sergio Ermotti earned CHF14.9 million last year. Keystone-SDA

The average salaries of top managers in Switzerland rose further in 2025, with two earning more than CHF20 million ($25 million). But not everyone benefited from an increase.

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An analysis by the agency Awp of 24 of the 30 largest listed groups that have published their remuneration reports shows that the highest-paid CEO remained (as in 2024) Vasant Narasimhan, number one of Novartis. His total remuneration rose by 30% to CHF24.9 million. In his eight years at the helm of the pharmaceutical giant, his income increased by an average of almost a fifth every year.

Stefan Bollinger, who took over as head of the bank Julius Bär in January 2025, received CHF24 million, more than four times what his predecessor had received. However, 60% of the sum consists of compensation for lost compensation at his previous employer, Goldman Sachs.

The podium is completed by Flemming Ørnskov, CEO of skin care company Galderma, which paid him a salary of CHF17.6 million. However, this is 8% lower than in 2024, when the remuneration also referred to only eight months of activity.

David Layton, number one at Partners Group, also earned less: -6% to CHF15.9 million.

For his part, UBS CEO Sergio Ermotti, with his CHF14.9 million, now occupies only fifth place in the ranking: he received roughly the same as the previous year.

The salary of the new Nestlé CEO Philipp Navratil came to CHF4.8 million for his first four months in office. Projected on an annual basis, it would thus significantly exceed the last full pay packet of his penultimate predecessor, Mark Schneider. On the other hand, the multinational company did not provide any information on his immediate predecessor, Laurent Freixe, who had been relieved of his post due to a romantic relationship with an employee subordinate to him.

Highest-earning women

Regarding women, considering the 24 reports published so far, Géraldine Picaud, at the top of SGS, is the only female CEO in the ranking. With her CHF8.1 million, however, she enters the top ten.

Another woman at the head of the 30 companies included in the Swiss Leader Index (SLI) is Hanneke Faber of Logitech, but the group has not yet published figures for the financial year 2024/25. Between April 2023 and March 2024 she earned CHF9.7 million, more than Picaud.

Overall, the picture was mixed: almost half the CEOs earned less than in the previous year, while around a third received only relatively moderate increases of between 5% and 13%. Significantly lower salaries, with double-digit declines, were recorded, among others, at Sika. One of the reasons was the failure to achieve the turnover targets predicted by experts and analysts.

It should also be mentioned with regard to stated remuneration that managers only receive part of their emoluments immediately and in cash. CEOs are often allocated share packages, some of which cannot be sold for several years and whose value can therefore vary considerably.

Adapted from Italian by AI/ts

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