Europe 1 with AFP 11:26 a.m., February 23, 2024, modified at 11:28 a.m., February 23, 2024

The remuneration of Stellantis boss Carlos Tavares could ultimately reach 36.5 million euros for the year 2023, an increase of 56% over one year.

The remuneration of Stellantis boss Carlos Tavares could ultimately reach 36.5 million euros for the year 2023, an increase of 56% over one year, the car manufacturer announced on Friday.

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.

A new record profit of 18.6 billion euros for 2023

The Stellantis automotive group published a new record profit of 18.6 billion euros for 2023 on Thursday, 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, Mr. Tavares will initially receive 23.5 million euros, a Stellantis spokesperson said on Friday.

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 has fallen slightly.

Added to this are around 13 million euros in share bonuses, linked to its long-term objectives.

This remuneration will be submitted to the vote of the group's shareholders at their general meeting on April 16.

Stellantis has indicated that it will redistribute nearly 1.9 billion euros to its employees

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 around 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”.