Will it suffer from inflation? Not sure. The remuneration of the general manager of Stellantis, Carlos Tavares, could ultimately reach 23.5 million euros for the year 2022, the company said on Saturday. An announcement that comes as some unions in the automotive group have deemed insufficient the 2 billion euros in bonuses distributed to the 264,000 employees it has around the world.
In detail, Carlos Tavares received last year 14.9 million euros in salaries, bonuses and pensions, including 7.5 million related to his performance. Most of its income (91%) is variable, subject to its performance, specifies Stellantis in its annual financial report.
The action game
In addition to these 14.9 million euros, Tavares could receive actions by 2026, the amount of which is fixed according to the achievement of its objectives, financial, commercial or technological. His total compensation could thus reach 23.5 million for last year. It is “aligned with that of its European and American peers”, argued a spokesperson for Stellantis.
And for 2021? The remuneration of the Portuguese boss could amount to 19 million euros, according to these same calculations integrating long-term bonuses paid over several years.
51 million for a merger
The automotive group, resulting from the merger in 2021 of Peugeot-Citroën and Fiat-Chrysler, is coming out of an exceptional second year with a record net profit of 16.8 billion euros. Despite declining sales volumes, the manufacturer was able to defend its margins by raising its prices.
The president of Stellantis, the Italian-American John Elkann, was to receive 5.8 million euros for 2022, still according to the annual financial report. As for the American Richard Manley, former managing director of Fiat-Chrysler, he received 51.2 million euros in March 2022 for his contribution to the merger.
“Shocking and excessive”
Appearing last year at the top of the remuneration of the bosses of the CAC 40, Carlos Tavares had drawn the wrath of his shareholders but also of Emmanuel Macron, who had judged in April “shocking and excessive” the “astronomical” amount of his retribution.
Thursday, by publishing these exceptional results, Stellantis announced, as we said, the payment of 4.2 billion euros in dividends to its shareholders. In France, employees will benefit from a bonus of at least 4,300 euros gross – 3,882 euros net -, i.e. 300 euros more than the bonus for 2022.