OMV has controlling interest in Petrom, Romania’s largest company, listed on the Bucharest Stock Exchange (BVB).

According to OMV’s report, Ruttenstorfer’s salary amounted to €600,000, while €1.5 million were performance bonuses. The earnings of Petrom managers are not public and were not provided in OMV’s report.

According to local headhunters, Ruttenstorfer’s earnings are double those of the best-paid managers and bankers in Romania. Expats are leaders in terms of top salary packages, with lender Banca Transilvania’s General Manager, Robert Rekkers, oil company Rompetrol’s CFO, Andre Naniche, retailer Metro Cash&Carry Romania&Moldova Business Unit General Manager, Francois Olivier, and electricity trader Energy Holding’s President, Enrique Ferrer, earning more than €1 million annually.

“In Romania, I do not think there are more than 10 managers earning more than €1 million annually, and I do not think that any of them earns more than the package of the head of OMV,” said one of the leading headhunters on the local market, George Butunoiu. He added that top managers in the energy sector are best-paid, as are those in the banking system and telecommunications.