Top 10 earners: Neil Sinclair reveals the best paid chief executives in chemicals and pharmaceutical industries with extensive European operations

Chemistry and Industry, Sept 8, 2008 by Neil Sinclair

His familiarity with fast-expanding Asian markets undoubtedly helped smooth Hambrecht's path in 2002 to the top job of chairman and chief executive. Since becoming ceo, Hambrecht has steadily overhauled the company, focusing on efficiencies, customer satisfaction as well as repositioning the business for a world in which major manufacturing is increasingly sited in areas with access either to a substantial customer base or competitive feedstocks, or- ideally- both.

Hambrecht delivered an impressive 26.4% rise to 4.06bn [euro] in group net income during 2007 on sales up 11.8% at 57.95bn [euro]. Last year he implemented a group strategy of continuing investment in RSD and innovation, organic growth through capital expenditure, targeted acquisitions and operational efficiencies.

Despite his many business interests and large family, Hambrecht still finds time to follow top football matches.

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Rex Tillerson

4 Exxon Mobil 3.7m

Born in Texas in 1952, Rex Tillerson studied civil engineering at The University of Texas in Austin, US, and joined Exxon as a production engineer in 1975. Tillerson has worked for Exxon in various positions, both domestically and internationally, ever since. He was appointed chairman and chief executive of the group in January 2006.

A combative leader and an oilman from his hat to his boots, Tillerson has rarely shirked a challenge and is not afraid to voice strong opinions, even when they run counter to conventional wisdom.

In spring 2006, Tillerson controversially backed an Exxon advertisement asserting that, contrary to popular belief, oil production shows no sign of a peak. 'A peak will not occur this year, next year or for decades to come ... With abundant oil resources still available, peak production is nowhere in sight,' the advertisement claimed.

Tillerson also saw off a challenge to his authority from the powerful and influential Rockefeller family, which headed a shareholder faction keen to see the roles of chairman and chief executive separated.

In 2007, Exxon reported 19.97bn [euro] in sales and 3.31bn [euro] in net profit.

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Werner Wenning

5 Bayer 4.44m [euro]

Another one-company man, Werner Wenning was born in Leverkusen-Opladen, Germany, in 1946, joining the company as a commercial trainee in 1966. Apart from a year on secondment to the Treuhandanstalt privatisation agency in Berlin in 1991-92, Wenning has worked at Bayer ever since. He gained considerable managerial experience of the group's plastics business during the mid to late 1980s and was appointed to the Bayer AG management board in 1997.

Wenning, who was promoted to Bayer group chairman and chief executive in 2002, has been a key figurehead for the European pharmaceutical and plastics industry.

In 2007, Bayer reported sales of 32.38bn [euro], and a net profit of 4.71bn [euro].

Business operations at Bayer are split among three subgroups: Bayer HealthCare, with interests in human and animal health; Bayer CropScience, in the areas of crop protection, pest control, seeds and plant biotechnology; and Bayer MaterialScience, a leading global manufacturer of polymers and plastics. At the end of 2007 the company employed 106 200 employees worldwide.