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Stellantis CEO's salary exposed

2024-04-24 Update From: AutoBeta NAV: AutoBeta > News >

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AutoBeta(AutoBeta.net)03/03 Report--

CEO Carlos Tavares's total compensation was 36.5 million euros ($39.5 million) in 2023, compared with $24.8 million in 2022, up 59 percent from a year earlier, according to Stellantis Group filings with the Securities and Exchange Commission. Tang's basic salary is $2.16 million (2 million euros), with a short-term incentive value of $6.26 million (5.8 million euros) and a long-term incentive value of $28.3 million (26 million euros), according to the documents.

Admittedly, Tang Weishi's salary change is related to the performance growth of Stellantis Group. A few days ago, Stellantis Group announced its annual results for 2023, showing that in fiscal year 2023, Stellantis Group's net income was 189.5 billion euros, an increase of 6% over the same period last year; net profit was 18.6 billion euros, an increase of 11% over the same period last year; adjusted operating profit was 24.3 billion euros, an increase of 1% over the same period last year; and in terms of sales volume, car sales in 2023 were 6.168 million, an increase of 7% over the same period last year.

The support behind the salary lies in its performance. Although Stellantis does not have much sense of existence in the Chinese market, Guangzhou Auto Fick terminates home-made Citroen, Changan logo Citroen is sold, leaving DPCA struggling to support, but it does not affect its profitability in other markets. Carlos Tavares said that even if Stellantis Group encountered various extremely adverse factors in 2023, its record-breaking financial performance in 2023 shows that it has become a global leader in the automotive industry and is ready to face all possible new situations in order to continue to achieve the phased goals of the Group's' Dare Forward 2030 'strategic plan. "

In addition to CEO's compensation, the document lists the compensation of other major global leaders, such as Stellantis Group Chairman John Erkan's total compensation of $5.2 million, including $1 million in base salary, $3.5 million in long-term incentives and $740000 in fringe benefits.

In fact, the pay and annual salary increases of senior executives in European and American car companies have always been the focus of attention. The UAW strike, which caused a sensation in the automobile market last year, was triggered by the issue of salary balance of auto executives. In 2022, GM's CEO Mary Barra will have a total compensation of nearly $29 million in 2022, making it the highest-paid CEO of the three Detroit automakers (Ford, GM and Stellantis) for the eighth year in a row. In addition to Mary Berra, two other Detroit automakers also earn more than 100 million CEO a year. Jim Farley of Ford and Tang Weishi of the Stellantis Group earn $18.34 million and $24.8 million respectively.

The reason for the UAW strike is that auto workers have long been dissatisfied with the level of treatment and unfair distribution. Fain, president of the UAW, explained that auto executives are receiving high salaries every year, but workers' wages have never been raised. According to the BBC, the pay of CEOs of the big three auto companies has risen by 40% in the past 10 years in 2022, but the real average salary of auto workers has risen much less than that, becoming a contentious issue for the United Auto Workers (UAW) to put pressure on Detroit automakers in 2023.

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