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Stellantis chief’s annual pay package jumps 56% to $39.5 million, ETHRWorld

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hr.economictimes.indiatimes.com | www.ETHRWorld.com

<p>Tavares received 23.47 million euros in cash and vested equity last year, including a 10 million euro transformation incentive to meet milestones tied to challenges the industry is facing on global mobility, technology and electric vehicles.<br /></p>
Tavares received 23.47 million euros in cash and vested equity last year, including a 10 million euro transformation incentive to meet milestones tied to challenges the industry is facing on global mobility, technology and electric vehicles.

Stellantis CEO Carlos Tavares received a 56% boost in total compensation to 36.49 million euros ($39.5 million) in 2023, the Franco-Italian automaker said on Thursday.

Tavares received 23.47 million euros in cash and vested equity last year, including a 10 million euro transformation incentive to meet milestones tied to challenges the industry is facing on global mobility, technology and electric vehicles.

His package also includes 13 billion euros in long-term incentives linked to specific performance targets, which might not be achieved and result in full payment.

Stellantis shareholders’ non-binding vote on executive remuneration last year approved the 23.5 million euro 2022 package for Tavares after rejecting his compensation the previous year.

Stellantis, which owns brands including Chrysler, Jeep and Fiat, said it led the industry in financial performance in the first half of 2023 and that its share price has outperformed the automotive industry and S&P 500 index by a significant margin since the company’s inception in 2021.

The group’s Milan-listed shares hit a record high on Friday at 24.56 euros, having gained about 70% in the past nine months. By 1132 GMT the shares were up…

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