Controversy surrounding the remuneration of Carlos Tavares. Stellantis shareholders must vote this Tuesday, April 16, on the remuneration of the head of the automotive group. It could reach an amount of 36.5 million euros by 2023 alone, driven by a performance bonus of 10 million euros for the “transformation” of the group, born from the merger between PSA and Fiat-Chrysler in 2021. Considering it too high, three shareholder advisory firms recommended that shareholders vote against Carlos Tavares’ remuneration.
PSA and Fiat-Chrysler merger
In ten years, upon moving from PSA to the new Stellantis group, Carlos Tavares saw his annual remuneration multiply tenfold. In 2014, in his first year at the head of PSA, it amounted to 2.75 million euros and the following year it doubled to 5,245 million euros. He exceeds 7.6 million euros in 2018 and 2019.
In 2021, under the auspices of Stellantis, Carlos Tavares’s remuneration rises to more than €19.2 million and then increases to €23.5 million in 2023, as specified in Stellantis’ annual report. That year it had already sparked strong controversy, even at the Elysée.
“It is a contractual dimension between the company and me. As for a footballer and a Formula 1 driver, there is a contract,” the manager explained this Monday, in response to a question from BFM Business, during a trip to the factory. Stellantis. in Trémery, on the Moselle.
Carlos Tavares specifically mentioned Stellantis’ performance to explain his high compensation. “90% of my salary comes from the company’s results, which shows that the company’s results are apparently not that bad,” he said.
Source: BFM TV
