Carlos Tavares in Turin on November 23, 2023. (AFP / MARCO BERTORELLO)
The remuneration of Stellantis boss Carlos Tavares will be put to a vote by the group’s shareholders at their general meeting on April 16.
This could represent an increase of 56% year-on-year. The remuneration of Stellantis boss Carlos Tavares could eventually reach
36.5 million euros for the year 2023,
announced the car manufacturer this Friday, February 23.
This increase is notably due to the payment of a
bonus of ten million euros
linked to the “transformation” of the group created in 2021, details the management of Stellantis in its financial report. The Stellantis automotive group published a
new record profit
of 18.6 billion euros for 2023, up 11% year-on-year. Remuneration, in shares and cash,
includes bonuses and retirement pensions
which will be paid over the long term. For the 2023 financial year, Carlos Tavares will initially receive
23.5 million euros,
underlined a Stellantis spokesperson this Friday.
Nearly 1.9 billion euros redistributed to employees around the world
The “transformation bonus” rewards Carlos Tavares in 2023 for having launched the production of electric motors and gearboxes for hybrid cars in Moselle, after the increase in sales of electric cars in 2022.
His fixed salary does not change, at two million euros.
Conversely, his 2023 performance bonus is down slightly, to
11.4 million euros,
because the group’s operating margin fell slightly. Added to this are approximately
13 million euros bonus in shares,
linked to its long-term objectives. This remuneration will be
submitted to the vote of the group’s shareholders
during their general meeting on April 16.
The world’s 4th largest automobile group, with its Peugeot, Fiat and Chrysler brands, indicated on February 15 that it would
redistribute nearly 1.9 billion euros to its employees
in the world. The group’s shareholders will receive around 7.7 billion euros for the 2023 financial year, between dividends and a share buyback program. At the same time, the group’s workforce fell by 12% to reach
242,000 employees worldwide,
or 30,000 fewer employees in one year. Stellantis management assures that the drop in workforce is 5%, the rest being linked to “changes in scope”.