“Like a football player”: Carlos Tavares, boss of Stellantis, will be able to receive 36.5 million euros per year

Le salaire de Carlos Tavares a augmenté de 56 % en 2023. MAXPPP – Alessandro Di Marco

Stellantis shareholders validated this Tuesday, April 16, the record remuneration of their CEO, against the advice of consulting firms, while the group has initiated voluntary departure plans, particularly in Italy where Stellantis will lose 3,000 employees.

Stellantis shareholders on Tuesday approved remuneration paid to the carmaker's senior executives, including a package of up to 36.5 million euros for the group's chief executive, Carlos Tavares.

Tavares' total compensation increased by 56% in 2023 compared to 2022.

The increase has drawn criticism at a time when the French-Italian automaker is seeking to cut costs and its workforce in countries including France, Italy and the United States as part of of its transition to electric vehicles.

Seven times more than the boss of Renault

Speaking at an event in France on Monday, the Portuguese chief executive defended his remuneration, saying it was part of a contract between him and the group, "as for a football player and a Formula 1 driver" : & quot;If you think this is not acceptable, make a law, I will respect it", reacted the CEO on Tuesday, at the microphone of France Bleu Lorraine Nord, recalling that the amount of his salary is also the result of the group's good performance: "90  % of my salary is made by the company's results. And they're "apparently not too bad".

Approximately 70% of the shareholders of the world's fourth largest automaker voted at the general meeting on Tuesday in favor of the report on senior executive remuneration for 2023.

Carlos Tavares' compensation package includes €13 million in long-term incentives tied to specific performance targets, which may therefore not be met and paid In totality. Proxy advisory firms Institutional Shareholder Services (ISS) and Glass Lewis had both recommended that shareholders vote against the CEO's compensation.

At the start of the year, the car manufacturer agreed with Italian unions on voluntary departure plans for around 3,000 workers, i.e. approximately 7.5% of its workforce in the country.

Carlos Tavares earns seven times more than Luca De Meo, the boss of Renault (5 million euros) and three times more than Patrick Pouyanné, the boss of Total, around 10& ;nbsp;millions.