Lo stipendio of the CEO Carlos Tavares was approved during the shareholders' meeting di stellantis. With 70,2% of votes in favour, shareholders gave the green light to management remuneration, which includes 36,5 million earmarked for Tavares for 2023. Despite an opposition of approximately 29,7%, it is important to note that this vote on compensation is advisory in nature and non-binding. While President John Elkann speaks to shareholders about "significant achievements" of the automotive giant, a message arrives new stop in Mirafiori for the 500 and Maserati: Stellantis has announced new layoffs for all over 2.000 workers from Monday 22 April up to and including Monday 6 May.
As regards the stock market performance, the title Stellantis is in sharp decline, with losses of around 3%.
Stellantis: how much Tavares and Elkann earn
In 2023, the CEO of Stellantis received compensation of 13,5 million euros, recording a reduction of 1,4 million compared to the previous year. To these is added a bonus extraordinary of 10 million euros, linked to the achievement of corporate objectives for the transformation of Stellantis into a sustainable technological mobility company. Furthermore, long-term incentives totaling 13 million euros have been awarded, which will be awarded to Tavares only if specific performance objectives are achieved in the coming years. Adding all these incentives, the total compensation the CEO's potential reaches 36,5 million euros, with an increase of more than 55%.
As for the president John Elkann, his compensation was 4,8 million euros, slightly lower than the previous year: a basic pay of 924.404 euros, fringe benefits worth 684.230 euros and 3,2 million in variable incentives.
Much of Tavares' compensation will be paid in the form of shares and will increase with the value of the group's shares, which has almost doubled in the last three years. These figures have sparked several controversies from some proxy advisors, who have recommended that shareholders vote against this remuneration. Like Glass Lewis.
Stellantis shareholders had approved Tavares' compensation the previous year, but they rejected in 2022, prompting the company to review its compensation policy. The rejection came close to the French presidential elections, during which both President Emmanuel Macron and his far-right challenger Marine Le Pen had harshly criticized Tavares' compensation.
It should be noted that the French state holds a 6% stake in the car manufacturer and has a seat on the board of directors.
A new redundancy fund starts in Mirafiori
La production of the electric 500 and Maserati a mirafiori will undergo a further collective interruption, scheduled from Monday 22 April to Monday 6 May, inclusive. The announcement comes from the unions, who received communication from the group led by Tavares.
The production pause, after the previous layoff, involves 2.220 workers in Turin, with the solidarity contract already in place for employees of the Maserati production line until December. “This new collective suspension for all Mirafiori workers demonstrates that our united demonstration on April 12 was a true cry of alarm and not alarmism,” he commented Sara Rinaudo, territorial secretary Fismic Confsal.
“There is an urgent need for a new model to save the Mirafiori production site, including the allocation of the entire 500 range to the plant,” underlined Rinaudo. The meeting also saw a strong demand from the unions for new vehicle models to be produced, highlighting that without them, the use of social safety nets seems to be the only possible route.
