Stellantis CEO's Pay Package Draws Scrutiny at Annual Meeting
Shareholders Approve €365 Million Remuneration for Carlos Tavares
CEO's Pay Rise Part of Wider Shift in Automotive Industry
The annual general meeting of Stellantis, the automotive giant formed by the merger of Fiat Chrysler Automobiles and Peugeot S.A., was marked by the discussion of CEO Carlos Tavares's substantial pay package.
Tavares received a 56% increase in total compensation for 2023, bringing his pay to €365 million. This includes a base salary, performance bonuses, and stock options. The figure has raised eyebrows among some shareholders, who argue that it is excessive.
The pay package was approved by a majority of shareholders, despite some opposition. Tavares has been credited with turning around Stellantis' financial performance since taking over in 2021. He has overseen a cost-cutting program and has made significant investments in electric vehicles.
The CEO's pay increase is part of a wider trend in the automotive industry. As companies transition to electric vehicles, they are increasingly relying on executives with expertise in technology and innovation. These executives are often rewarded with high salaries and bonuses.
Tavares's pay package is likely to be a topic of ongoing debate as Stellantis continues to navigate the shift to electric vehicles. Shareholders will be closely watching the company's performance and the CEO's leadership to determine whether the high pay is justified.
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