Stellantis CEO Tavares's £70m pay defies company’s losses
The former CEO of Stellantis caused much controversy, not only because of his puzzling business decisions but also due to his exorbitant salary. After his departure, the company meticulously detailed his earnings. The total is impressive.
When Tavares led Stellantis, he was regarded as one of the highest-paid CEOs in the automotive industry. However, not everyone is aware of the specific amounts involved.
The annual financial statements of the company reveal staggering data. They show that in 2021, when Stellantis was essentially formed, Tavares's total compensation was £13,284,000. The following year, this amount increased to £16,253,000. However, the record was set in 2023 when Tavares earned £25,254,000. The last year of his tenure, 2024, concluded with a total of £15,976,000. In total, this amounts to approximately £70,767,000 over four years.
Interestingly, the majority of this sum comprises bonuses and additional benefits, as Tavares's base annual salary was about £1,388,000. But that's not all, as an additional £1,388,000 was paid for the early termination of his contract, settled immediately in December 2024, with another payment of £6,937,000 planned for January 2026 (when Tavares's original contract was due to end).
All of this contrasts the company's poor financial performance, which in 2024 saw a 70% decline in net profit and a 17% drop in revenue.
