Stellantis director’s annual compensation increases 56% to $39.5 million – 02/23/2024 at 12:36 p.m.


((Automated translation by Reuters, please see disclaimer https://bit.ly/rtrsauto))

*

Tavares received 23.5 million euros in cash and acquired shares

*

Payments include €10 million transformation bonus

*

The envelope also includes a deferred incentive of 13 million euros

*

The average remuneration of employees rose to 70,404 euros, an increase of 9.4%.

(Added context and stock price to paragraphs 4 and 6)

The CEO of Stellantis

STLAM.MI Carlos Tavares received a 56% increase in his total compensation to 36.49 million euros ($39.5 million) in 2023, the French-Italian automaker said on Thursday.

Mr. Tavares received 23.47 million euros in cash and shares acquired last year, including a transformation incentive of 10 million euros to achieve goals related to the challenges the industry faces in global mobility, technology and electric vehicles.

His package also includes 13 billion euros in long-term incentives linked to specific performance targets, which may not be achieved and result in full payment.

Stellantis’ non-binding shareholder vote on executive pay last year approved the 23.5 million euro package for 2022 for Tavares, after rejecting his pay the previous year.

Stellantis, which owns brands including Chrysler, Jeep and Fiat, said it led the industry in financial performance in the first half of 2023 and that its share price had outperformed the auto industry and l S&P 500 index .SPX by a significant margin since the company’s inception in 2021.

The group’s shares listed in Milan hit a record Friday at 24.56 euros, having gained around 70% over the past nine months. At 1132 GMT, shares were up 1.2% at 24.51 euros.

During negotiations last year with the three Detroit automakers, the United Auto Workers union sharply criticized the pay levels of executives at General Motors GM.N , Ford Motor FN and Stellantis.

Ford and GM have not yet disclosed their CEO compensation packages for 2023. In 2022, GM’s Mary Barra received $29 million in total compensation, while Ford boss Jim Farley received nearly $21 million. millions of dollars.

After targeted strikes at the three automakers, the UAW secured an immediate 11 percent wage increase for its members and a 25 percent increase in base wages through 2028. The union also negotiated a reduction in the deadline necessary for workers to reach their maximum salary, which goes from eight to three years. Temporary workers, for their part, will be established and will benefit from a 150% salary increase.

Stellantis said its employees earned an average of 70,404 euros in 2023, up 9.4% from 2022. Tavares’ total compensation was 518 times higher, a significant increase over the 2022 ratio. .

Stellantis said the higher ratio was due to the impact of a one-off payment linked to a long-term incentive for 2021-2025.

Stellantis said its global workforce shrank 5.2% in 2023 to just over 258,000 people, with its North American workforce falling to 81,341 employees last year, compared to 88,835 in 2022.



Source link -86