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Stellantis: Carlos Tavares’ salary disputed by shareholders

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Lhe shareholders and the unions of the Stellantis automobile group (Peugeot-Citroën-Fiat) dispute, before the general assembly of the group scheduled for Wednesday afternoon, the millions of euros in bonuses received by the general manager Carlos Tavares. The managing director of the fourth largest automotive group in the world, born from the merger in January 2021 of the Peugeot-Citroën-Opel (PSA) and Fiat-Chrysler (FCA) groups, should receive 19 million euros for 2021, according to Stellantis. Alongside a fixed salary of 2 million euros, the variable part constitutes the majority (89%) of his compensation, with 7.5 million linked to his performance in 2021, 2.4 million for his retirement, 1, 7 million linked to the successful creation of Stellantis, and free share awards based on objectives to 2026, valued at 5.6 million euros by Stellantis for the year 2021, but at much more by a shareholder .

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“It’s shocking, but less shocking than for others,” commented RN presidential candidate Marine Le Pen on Wednesday, stressing that “for once he got good results.” For its first year of existence, in a very complicated context for the automotive industry, Stellantis generated a significant net profit of 13.4 billion euros, almost tripled compared to the difficult year 2020. The management company PhiTrust , a minority shareholder in Stellantis, announced on Tuesday that it had voted against Mr. Tavares’ compensation. It estimates it at 66 million euros for the year 2021, in cash and in shares, if very ambitious long-term objectives are reached at their maximum in 2028 and that the action remains at least at its current level.

“This remuneration, which is the highest of large companies in France (and probably of listed groups in the European Union), is it justified for a person who is not the creator of the company but is only its manager ? launched PhiTrust in a press release. “Is it socially justified when the group will probably have to face massive restructuring with job cuts as a result given its excess production capacity? According to Stellantis, its president, the Italian-American John Elkann, should receive 7.8 million euros and the financial director of the group, the American Richard Palmer, 14.8 million. The heirs of the former general manager of Fiat-Chrysler Sergio Marchionne, who died in 2018, should also receive 26 million euros.

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