Carlos Tavares, CEO of the company Stellantis, obtained a 56% increase in his annual salary. In this way he will earn US$39.5 million a year, approximately US$108,000 per day.
At the last meeting of shareholders of the automotive company Stellantis a significant increase of 56% in the annual salary of his CEO, Carlos Tavaresin recognition of the achievements obtained during 2023. This decision raises The executive’s annual salary is $39.5 million a year.
This salary increase places Tavares at a significantly higher level than other senior executives in the automotive industry and even exceeds the annual compensation of renowned footballer Lionel Messi. To put these numbers in perspective, Tavares will be earning approximately US$108,000 per day.
It is important to highlight that, in addition to his salary, in 2023 Tavares received an additional incentive of 10 million euros intended to meet specific objectives related to current challenges in the global mobility, technology and electric vehicle industry.
Tavares’ salary increase, supported by the main shareholders, is subject to ratification by an assembly. Meanwhile, the CEO pointed out that 90% of their remuneration is directly linked to Stellantis’ results, which have been positive, as evidenced by the record profits reported in the latest balance sheet corresponding to 2023, which amounted to 18.6 billion euros.
However, this salary increase generated controversy in an international context marked by criticism about the Pay disparity within the industry. In particular, The United Auto Workers of the United States union has questioned the salaries of top managers from companies like Stellantis, General Motors and Ford, especially amid staff cuts and salary negotiations.
Although Stellantis assures that the salary of its employees in Europe increased by 9.4% in 2023 compared to the previous year, The approved remuneration for Tavares remains considerably higher, equivalent to 518 times the company’s average annual salary. This percentage is partly explained by the impact of a one-time payment related to a long-term incentive for the period 2021-2025.
Meanwhile, the company’s workforce experienced reductions in both Europe and North Americawhich has generated concern among the specialized media and fueled the debate about pay equity within the company and in the industry in general.
Source: Ambito
I’m a recent graduate of the University of Missouri with a degree in journalism. I started working as a news reporter for 24 Hours World about two years ago, and I’ve been writing articles ever since. My main focus is automotive news, but I’ve also written about politics, lifestyle, and entertainment.
