The general director of Renault Luca de Meo could receive more than 4.5 million euros for the 2022 financial year, according to a document consulted this Friday by AFP. Losange’s employer receives a fixed annual salary (gross) of 1.3 million euros. To this is added a variable remuneration of 1,885 million for the 2022 financial year (it met its objectives at 150%).
Like other directors of the group, he bought Renault shares, whose number doubled, worth 191,854 euros. This gives a total income of 3,198,131 euros. The group provides these details in its universal registration document published with a view to the general meeting of shareholders scheduled for May 11.
Luca de Meo was also awarded 75,000 Renault shares, valued at 1.1 million euros. But it will only affect them in 2025 and only if it meets specific objectives (return for shareholders, carbon footprint of the group, for example). These actions would take his salary to 4.5 million euros for the 2022 financial year (that is, an increase of 35% in one year). He also received about 400,000 euros in retirement compensation.
Lower compensation than most global auto groups
For the 2020 financial year, Luca de Meo will also receive shares worth one million euros. Renault regained a foothold in 2022, offsetting the sharp drop in sales with price increases, and thanks to the cheap but profitable Dacia.
The French manufacturer’s turnover jumped and its operating margin doubled, even if the manufacturer posted a loss of 338 million euros related to its withdrawal from Russia. At the general meeting, the board of directors will propose the payment of 22,500 additional shares to Luca de Meo if he manages to carry out the “group reorganization stages scheduled for 2023”.
With this increase, the CEO’s total compensation would remain below that of most heads of other global automotive groups, he stresses. By 2022, it is already equivalent to 90 times the average salary of the French employees of the Renault group, which was 49,158. euro in 2022.
Luca de Meo keeps a long way from Carlos Tavares, the boss of Stellantis. The remuneration of Carlos Tavares, the highest of the CAC 40 in 2021, could reach 23.5 million euros for the 2022 financial year, if he meets the long-term objectives. The auto group is coming off a banner second year with record net profits and sales roughly three times those of Renault.
Source: BFM TV
