“Indecent”† “repulsive”… the union reactions in France were not long in coming when in early 2021 between PSA and Fiat-Chrysler – at the general meeting of the group, to be held on April 13. The firm Phitrust, a portfolio management company with an ethical dimension that aims to change the environmental, social and governance practices of listed groups, estimates the total of what will be awarded to Mr. Tavares at 66 million euros, including his long-term remuneration.
In detail, the 63-year-old manager will have received 19 million euros for the year 2021 alone (1.9 million fixed + 7.5 million variable + 5.5 million for the first year of a three-year performance plan + 1.7 million bonus for the completion of the merger + 2.3 million in contribution to his future retirement), to which will be added 47 million in the allocation of free shares and exceptional fees based on Mr Tavares’ ability to transform Stellantis, much of which will remain untouched until 2026-2028.
“Meritocracy”
Phitrust, which qualifies this fee as:“indecent” and considers it socially problematic, recalls that this is the largest salary award to a boss in France and wishes to challenge shareholders, including the French state, through Bpifrance, at the general meeting.
“Phitrust suggests that these 66 million go directly to Carlos Tavares’ account, it is completely false,” complains a good friend of the boss
In a statement released on April 13, CFDT Stellantis said that: “Mr Tavares’ remuneration is not legitimate”† “It is urgent that our politicians finally take real action against our leaders’ salary capscontinues his central deputy, Christine Virassamy. Unfortunately, these situations lead to extreme views of citizens during elections. “This figure of 66 million is unacceptable”adds Jean-Pierre Mercier, for the CGT Stellantis, when we see that Stellantis is cutting 2,600 jobs in France and that the salary increase granted is only 2.8%. †
On Stellantis’ side, a spokesperson stated that: “The Chief Executive Officer’s compensation is awarded on a meritocracy basis only. The advice of Stellantis and John Elkann [le président du conseil d’administration] are perfectly in line with this principle”. It is recalled in the group that Stellantis is the third most profitable manufacturer (13 million euros profit in 2021), after Mercedes and Tesla, and that most of this compensation will not be affected by Mr Tavares in a few years.
You still have 14.59% of this article to read. The following is for subscribers only.
