Stellantis CEO’s Salary Dropped by 14% in 2022
2023.02.25 01:02
Stellantis CEO’s Salary Dropped by 14% in 2022
By Kristina Sobol
Budrigannews.com – The maker of Fiat, Ram, and Peugeot, Stellantis, saw its CEO Carlos Tavares’ pay decrease by 14% to 14.9 million euros (or $15.71 million) in 2022. vehicles stated in a Friday filing.
According to the filing, Tavares did not receive a retention bonus in 2022, despite receiving a bonus of approximately 2 million euros in 2021.
On Wednesday, Stellantis reported a profit that was higher than expected due to higher car prices and higher-than-expected benefits from the merger. However, the company also warned of price pressure as supply chain issues across the industry improve.
After the company achieved industrial free cash flows of 10.8 billion euros the previous year, which was significantly in excess of the maximum target of 8.1 billion euros, variable components accounted for more than 90% of Tavares’ pay. Additionally, Stellantis exceeded its target of 5 billion euros by 2024 with cash synergies of 7.1 billion euros.
The business stated that it would pay a dividend of 4.2 billion euros, or 1.34 euros per share, on its results in 2022 and proposed a share buyback program for 2023 that could be worth up to 1.5 billion euros.
Some unions were outraged by Tavares’ compensation of around 17.4 million euros last year, and they urged politicians to limit executive salaries.
