Stellantis: Tavares could finally receive 23.5 million euros for 2022

The remuneration of Carlos Tavares, boss of Stellantis is “aligned with that of its peers“says the company. Robyn Beck/AFP

The boss of Stellantis received 14.9 million last year but he could also receive shares that would inflate this sum.

The remuneration of the boss of Stellantis Carlos Tavares could finally reach 23.5 million euros for the year 2022, boosted by the exceptional results of the automotive group, announced the company in its annual financial report published this Saturday (page 178) . Carlos Tavares received 14.9 million euros in salaries, bonuses and pensions last year, including 7.5 million related to his performance. Most of its income (91%) is variable, subject to its performance, specifies Stellantis.

In addition to these 14.9 million euros, Carlos Tavares could receive shares by 2026, the amount of which is fixed according to the achievement of his objectives, financial, commercial or technological. His total compensation could thus reach 23.5 million for last year. She is “aligned with that of its peersEuropeans and Americans, argued a spokesperson for Stellantis.

Premium of 4,300 euros gross minimum for employees

The announcement of this remuneration comes as some unions in the automotive group have deemed insufficient the 2 billion euros in bonuses distributed to the 264,000 employees it has around the world.

The president of Stellantis, the Italian-American John Elkann, was to receive for his part 5.8 million euros for 2022, still according to the annual financial report. As for the American Richard Manley, former managing director of Fiat-Chrysler, he received 51.2 million euros in March 2022 for his contribution to the merger. Appearing last year at the top of the remuneration of the bosses of the CAC 40, Carlos Tavares had drawn the wrath of his shareholders but also of Emmanuel Macron who had judged in April “shocking and excessive” the “astronomical” amount of his remuneration .

Thursday, by publishing these exceptional results, Stellantis also announced the payment of 4.2 billion euros in dividends to its shareholders. In France, employees will benefit from a bonus of at least 4,300 euros gross – 3,882 euros net -, i.e. 300 euros more than the bonus for 2022.

The automotive group, resulting from the merger in 2021 of Peugeot-Citroën and Fiat-Chrysler, is coming out of an exceptional second year with a record net profit of 16.8 billion euros. Despite declining sales volumes, the manufacturer was able to defend its margins by raising its prices.

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