Carlos Tavares’ remuneration at Stellantis reaches 36.5 million euros for 2023

Stellantis CEO Carlos Tavares has a reputation for being a competitor and liking the top of the rankings. For 2023, his group is in second place between Total and LVMH with 18.6 billion euros in net profit. His remuneration follows: for the year 2023, the reference document indicates that he will earn 36.5 million euros, including deferred elements. A figure that could allow it to take the lead in the CAC40 ranking.

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If we refer to the Stellantis financial document, this remuneration for 2023 compares to 23.5 million euros for 2022 and 19 million in 2021. That year, the Proxinvest firm specializing in shareholder advice had calculated, with another methodology, that the amount was more like 66 million euros by reintroducing deferred payments, notably in shares, subject to various conditions over time.

Staying with Stellantis’ calculation method, Carlos Tavares’ salary increases by 55%. Per working day, he earns as much as an average Stellantis employee over the entire year. The reference document indicates that the general director earned 518 times more than an average employee (70,404 euros). A gap that is widening: in 2022, it is 365 times (the average remuneration was 64,328 euros), in 2021, 298 times (compared to an average of 58,475 euros).

Possible controversy

Taking the lead in a possible controversy over the sharing of value within the group, the HR director of the car manufacturer Xavier Chéreau took the time, just after the presentation of profits for 2023, to explain that 1.9 billion the euros would be redistributed to employees in the form of participation, profit-sharing and bonuses linked to individual and collective performance.

For French employees, ex-Peugeot or Citroën, this represents a bonus of between 4,100 euros and 6,000 euros. This is less than the previous year, when bonuses varied between 4,300 and 6,100 euros. A deception? These devices depend “the economic performance of Stellantis and regional and local criteria, negotiated each year with social partners. They are therefore not strictly proportional to the overall financial results”specifies the company, whose spokesperson recalls: “for the third consecutive year, this amount corresponds to more than 2.5 times the net minimum salary and comes in addition to the salary increase of 4.3% decided in December 2023, including 3.6% applied from January. Added to this is the first employee shareholding plan launched at the end of 2023 in France (1,000 euros waiver and 20% discount) “.

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