Carlos Tavares, via Stellantis media site, 30 Jan 2024Carlos Tavares, via Stellantis media site, 30 Jan 2024


Stellantis boss Carlos Tavares received more than £31m in cash and equity last year in 56% rise

  • CEO’s pay for 2023 soars versus 2022 amount
  • Stellantis says it includes transformation incentive
  • Package was 518 times the average earnings of an employee

Time 10:20 am, February 23, 2024

Carlos Tavares was given more than £31m in cash and equity last year for heading Stellantis – a 56% increase on what he received in 2022.

His compensation – as it’s referred to – for 2023 amounted to €36.49m (circa £31.17m) versus the €23.46m (£20.04m) awarded the year before, according to Automotive News Europe.

That was 518 times the average earnings of an employee (€70,404/£60,190), with Stellantis justifying the huge ratio by saying it was as a result of a one-off, long-term 2021-2025 incentive.

Tavares was given €23.47m (£20.06m) in cash plus vested equity last year, which included a transformation incentive worth €10m (£8.55m) for meeting milestones linked to challenges that the industry is facing regarding electrification, technology and worldwide mobility.

GM and Ford are yet to reveal what their CEOs were paid last year, but in 2022, GM chief executive Mary Barra received $29m (£22.9m) in total compensation while Ford chief executive Jim Farley was given almost $21m (£16.6m).

Targeted strikes at the three manufacturers by United Auto Workers union members saw deals struck that included an 11% pay rise with immediate effect plus a 25% hike in base wages until 2028.

It also saw the amount of time needed to reach the top pay level cut from eight years to three.

Temporary workers’ pay is to go up by 150% as well, with their roles being made permanent, too.

John Bowman's avatar

John has been with Car Dealer since 2013 after spending 25 years in the newspaper industry as a reporter then a sub-editor/assistant chief sub-editor on regional and national titles. John is chief sub-editor in the editorial department, working on Car Dealer, as well as handling social media.

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