A basic salary of just over SEK 6.6 million, a bonus of almost SEK 4.8 million and a share program of SEK 7.2 million.
In total, Axfood’s CEO Klas Balkow took out SEK 24 million in annual salary during 2023.
On the other side of reality, food prices have skyrocketed.
In 2023, food prices increased by an average of 5.2 percent, according to the Food Price Survey.
– But it is not possible to compare the pace with 2022, when the war and the effects of the pandemic hit in full, says Ulf Mazur, CEO and founder.
In the record year 2022, the same figure was a whopping 15.4 percent. During the first months of last year, new highs were made in price increases until the spring.
But the food giant Axfood’s CEO Klas Balkow goes with the flag at the top. For the second year in a row, he receives almost the full bonus. The annual salary for 2023 thus landed at a total of almost SEK 24 million, the annual report shows.
Basic salary: 6.6 million
The two years of rampant food prices have boosted Axfood-owned Willys and Hemköp’s sales figures and results. So has Klas Balkow’s total salary.
The basic salary was increased by 200,000 to 6,653,000 kroner. The bonus, which can be a maximum of 60 percent of the basic salary and is based on, among other things, sales growth and results, landed at 4,759,000 (55 percent of the salary), which was slightly more than in 2022.
Including share programs, which are estimated to give him 7.2 million kroner for 2023 according to what is costed in the annual report, and pension provisions land the final sum at almost 24 million kroner.
Klas Balkow recently announced that he is stepping down as CEO.