PARIS – A French authorities spokesman mentioned that the monetary compensation for Stellantis CEO Carlos Tavares was not “regular” and confirmed there was a necessity for extra regulation on the European degree.
Tavares, who oversaw the merger between PSA Group, the place he was CEO, and Fiat Chrysler Cars that created Stellantis in January 2021, is about to be paid about 19 million euros ($20.5 million) for 2021.
He’s additionally eligible for a inventory package deal price a further 32 million euros and long-term compensation of about 25 million euros, in accordance with Phitrust, an investor.
“Clearly, these are usually not regular figures,” mentioned the federal government spokesman, Gabriel Attal, at a information convention on Tuesday. The French authorities holds a 6.2 % stake in Stellantis by the bpifrance funding financial institution.
Stellantis shareholders are set to vote on Tavares’ compensation package deal Wednesday afternoon on the group’s first annual basic assembly. Stellantis is integrated in Amsterdam, and the assembly shall be held by videoconference.
Phitrust mentioned in a information launch that it had voted in opposition to approving Tavares’ pay package deal.
Tavares’ 2021 compensation, if accepted, would most definitely make him the highest-paid automotive CEO in Europe. Volkswagen Group CEO Herbert Diess earned just below 8 million euros in 2020.
Within the U.S., GM CEO Mary Barra earned $23.7 million in 2020 (about 21.9 million euros at present alternate charges).
Automotive Information Europe has calculated that if Tavares achieved all of the targets of his compensation incentives and plans, he can be entitled to obtain greater than 220 million euros by 2026.
Former Renault Group CEO Carlos Ghosn additionally confronted criticism over his pay from the French authorities.
Ghosn was concurrently chief govt of each Renault and alliance accomplice Nissan for plenty of years, and drew a multimillion-dollar compensation package deal from each automakers.
It was reportedly the prospect of discount in pay from Nissan that led to Ghosn’s alleged involvement in what Japanese prosecutors say was an effort to cover thousands and thousands extra in compensation.
Ghosn has denied the allegations since his arrest in 2018, and he stays in Lebanon after fleeing there on the finish of 2019 fairly than face trial in Japan.
Reuters contributed to this report