• Tweeter

  • republish

Carlos Tavares, chairman of the board of PSA-Peugeot-Citroën, and Mary Barra, president and CEO of General Motors, during a press conference in Paris, March 6, 2017. REUTERS / Christian Hartmann

The general meeting of shareholders of the French car manufacturer PSA will be proposed to grant on April 24 an exceptional bonus of one million euros to the chairman of the board Carlos Tavares. That for having successfully completed the recovery plan for the Opel brand, which was in difficulty and was bought back last year at General Motors.

If the shareholders agree, the remuneration of Carlos Tavares in 2017 will reach the total amount of 6.7 million euros thanks to this exceptional bonus. The bonus rewards the implementation of Opel's recovery plan in two years.

An enthusiasm that is unlikely to win Opel employees in Germany. PSA has decided to launch new productions at Opel in several countries: Hungary, Poland, Austria and France ... but nothing in Germany.

The IG Metall union - all-powerful in the German automotive sector - refused concessions that PSA was asking employees to increase their competitiveness. Because by buying Opel in March 2017 from General Motors , PSA had highlighted the high production costs in Germany.

While PSA will develop gasoline engines in Poland and Hungary as well as automatic gearboxes and electric motors in France, the Opel Works Council in Germany is worried and asks for investment proposals for German sites.