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.
