The Stellantis group, parent of the Peugeot, Citroën, Fiat and Chrysler brands, said on Tuesday that the figures published in the press about Carlos Tavares’ exit bonuses were “overvalued.” A Stellantis spokesperson mentions “the various figures published in the media regarding Mr. Tavares’ exit bonus, which are erroneous and greatly exaggerated.”
Carlos Tavares, one of the highest-paid businessmen in the automobile industry, was fired on Sunday, December 1, from the fifth largest manufacturer in the world after strategic disagreements. These bonuses would reach 100 million euros according to an Italian newspaper, or 50 million in the French press.
Stellantis has “the policy of not publishing the exit conditions of its employees out of respect for their private lives, including that of its managers, unless this publication is required by law,” the spokesperson stressed.
Carlos Tavares’ fixed remuneration was 2.6 million euros in 2023, but short and long-term bonuses, linked to performance objectives, raised it to 36 million euros, or 518 times the salary of an employee of the cluster.
This salary was the subject of controversy each year, even provoking a comment from the head of state, Emmanuel Macron, but the shareholders validated it each year in the face of the group’s record results.
80 million euros raised
Carlos Tavares has received close to 80 million euros since his arrival at the head of Stellantis, according to the group’s annual reports, not counting the first 11 months of 2024.
According to Stellantis’ 2023 annual report, Carlos Tavares must also respect a non-compete clause, which prevents him from assuming equivalent functions with a competitor for one year from his departure, in exchange for financial compensation.
Exit bonuses do not cease to raise controversy, such as the golden parachute of 14 million euros over three years that the telecommunications equipment manufacturer Alcatel-Lucent offered to Michel Combes in 2015 on the occasion of his departure to management by Numericable-SFR. . Under combined pressure from employers, the Financial Markets Authority (AMF) and the government, Alcatel-Lucent cut the premium by almost half.
Carlos Tavares’ former boss at Renault, Carlos Ghosn, fought in court to recover his retirement benefits, even though he left the Renault-Nissan Alliance following his imprisonment in Japan.
Source: BFM TV
