Stellantis: 36.5 million euros for Carlos Tavares: car news, news, scoop

Quentin Pannaud, Media365published on April 18

The shareholders of the Stellantis group approved the salary increase of Carlos Tavares, the boss of the group he has led since 2021. The total amount for the financial year 2023 is 36.5 million.

From the creation of the Stellantis car giant in 2021, the late PSA and Fiat-Chrysler groups have found a good color. Combined, they gave birth to a huge industrial empire, which exists worldwide through 14 different brands . From general specialists (Fiat, Citroën, Opel, Peugeot), to premium (DS Automobiles, Alfa Romeo, Lancia), from utility vehicles (RAM, Jeep, Fiat Professional) to sports cars (Maserati, Dodge, Abarth ), each of these units had been reorganized and new resources had been allocated, to make each one more competitive than before. And it worked, ever since The Franco-Italian-American group recorded a record profit of 18.6 billion euros last year, up to 11% compared to 2022! Sales during that period reached 190 billion euros.

Success led by Carlos Tavares

Behind this success and the rebirth of these historic brands, one person in particular stood out: Carlos Tavares. After leaving Renault in 2014, the Portuguese business leader took over the management of PSA that year, which at the time was in dire financial and commercial straits. After keeping the Citroën and Peugeot accounts in the green (not without sacrifice!), the group bought Opel in 2017 was snapped up by General Motors and turned profitable in less than a year, something GM had struggled to do for more than 20 years. The merger with Fiat-Chrysler in 2021, finally, proved the French group’s return to grace, after, let’s remember, budget cuts and many job cuts…

Salary that raises questions

For all his success, Carlos Tavares was given more than a good salary : from 2.75 million euros annually in 2014, this amount increased to 5.24 million in 2015, and will reach 19.7 million euros in 2022! This week, Stellantis shareholders (including Exor, the Peugeot family and the French state) approved a significant increase in the manager’s salarywhich will therefore reach 36.5 million euros for the fiscal year 2023. The government restrained itself (President Emmanuel Macron had considered the leader’s salary in 2022 “shocking and outrageous”), while the CGT spoke of the “scandalous” level. The main man responded to the French microphone Bleu Lorraine Nord, explaining that ” 90% of my salary is made by the results of the company, so this proves that the results of the company are not so bad. ». He also sent a message to his opponents : « If you find this unacceptable, make a law, change the law and I will respect it ».