Saab crisis

More trouble for Spyker CEO

It is likely that Spyker Car’s CEO Victor Muller has at least a few more sleepless nights ahead him.

After rushing back and forth between Europe to China to negotiate rescue deals for troubled car manufacturer Saab, he now returns to his native Netherlands to face Spyker Car’s shareholders at their annual meeting.

And, it seems, the shareholders are not happy.

Despite an exceptionally bad year for the company, especially newly acquired Saab Automobiles, which was sold to Spyker Cars last year, Muller has received a cash bonus of more than $700.000.

In addition to the cash bonus he also received 120.000 shares, estimated at a value of $635.000.

“The bonus is not in proportion. Especially not considering the huge losses and the low sales,” David Tomic, head of the Dutch shareholders association, VEB, told news agency TT. “We are curious to hear which goals have been met that can motivate such a bonus.”