Carlos Tavares assumes his remuneration of 36.5 million euros
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A non-binding vote but closely scrutinized: the shareholders of Stellantis (Peugeot, Citroën, Fiat, Opel, Chrysler, Jeep…), gathered at a general meeting in Amsterdam, will give their opinion Tuesday afternoon on the remuneration of its general manager Carlos Tavares which once again arouses controversy.
518 times the average company salary
Some 36.5 million euros is the total amount that the boss of this industrial giant could receive for 2023, according to the company’s annual financial report. Or the equivalent of 518 times the average salary in the company – while the ratio was “only” 365 in 2022, and 298 in 2021.
Traveling on Monday to the Trémery factory (Moselle), Carlos Tavares assumed this remuneration, which has “a contractual dimension between the company and me as for a football player and a Formula 1 driver”, reports The Lorraine Republican.
“90% of my salary is made by the company’s results”
“90% of my salary is made by the company’s results, (…) so this proves that the company’s results are apparently not too bad,” added Carlos Tavares at the microphone of the Republican Lorraine. “If you think this is not acceptable, make a law and change the law and I will respect it.”
The remuneration of Carlos Tavares, 65, notably includes the payment of a bonus of ten million euros for the “transformation” of the group created in 2021 with the merger of PSA and Fiat-Chrysler.
It also includes retirement pensions which will be paid over the long term, but also bonuses awarded only if he meets the objectives set for 2025, the last year of his current mandate at the head of the manufacturer.
Critics of Emmanuel Macron in 2022
The general director attracted the wrath of Emmanuel Macron in 2022, who judged the “astronomical” amount of his compensation to be “shocking and excessive”.
Stellantis, for its part, believes that this remuneration should rather be compared with that of multinationals like Boeing in the United States (Dave Calhoun, $33 million for 2023). The group makes the majority of its sales in Europe, but draws most of its profits from the American market.
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