The CEO of Stellantis responds to the criticism received for his compensation, which in 2023 could reach 36.5 million euros. “This is a contractual dimension between the company and me,” he said Tavares on the sidelines of a visit to the group’s factories in Tremery, in the Moselle. The CEO then added that 90 percent of his compensation depends on results. “This shows that apparently the company’s results are not that bad,” Tavares said. And Tavares’ words come on the day in which the general assembly will express its opinion on the remuneration of Tavares himself.
According to the company’s annual financial report, the head of the fourth automotive group worldwide could receive around 36.5 million euros. This increase is linked in particular to the payment of a bonus of ten million euros for the “transformation” of the group born in 2021 from the merger of PSA and Fiat-Chrysler. The remuneration of Tavares, 65 years old, includes retirement pensions that will be paid in the long term, but also bonuses awarded only if he reaches the objectives set for 2025, the last year of his current mandate at the helm of the house.
For the financial year 2023, Tavares will initially receive 23.5 million euros. Paid largely in shares, this remuneration also increases with the value of the group’s shares, which has almost doubled in the last three years. With its brands Peugeot, Citroen, Fiat and Dodge, Stellantis published on February 15 a new record profit of 18.6 billion euros for 2023, up 11% over one year. Its turnover is close to 190 billion euros. In 2022, French President Emmanuel Macron called the “astronomical” amount of Tavares’ compensation “shocking and excessive.” Stellantis argues that this remuneration should rather be compared to that of multinationals such as Boeing in the United States (Dave Calhoun, $33 million for 2023). The group makes most of its sales in Europe, but derives most of its profits from the American market.
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