Stellantis: Tavares' compensation could reach 23.5 million euros for 2022

Maximilien Carlier with AFP 9:07 a.m., February 26, 2023, modified at 9:08 a.m., February 26, 2023

The remuneration of Stellantis boss Carlos Tavares could eventually reach 23.5 million euros for the year 2022, boosted by the exceptional results of the automotive group, the company announced on Saturday.

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.

Carlos Tavares received 14.9 million euros in salaries, bonuses and pensions last year, including 7.5 million related to his performance.

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Remuneration "in line with that of his peers"

Most of its income (91%) is variable, subject to its performance, specifies Stellantis in its annual financial report.

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.

It is "aligned with that of its European and American peers", a spokesperson for Stellantis told AFP on Saturday.

For 2021, the remuneration of the Portuguese boss could amount to 19 million euros, according to these same calculations integrating long-term bonuses paid over several years.

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.

A boss who has drawn the wrath of employees … And Emmanuel Macron

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.