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Carlos Tavares should earn up to 36.5 million euros for the year 2023, the car manufacturer revealed this Friday, February 23. Its revenues increased by 56% in one year. At the Sochaux factory (Doubs), the unions are once again denouncing shocking income.
How much does your boss earn? In most companies, it’s hard to know. For Stellantis employees, at least things are clear. The group publishes each year the remuneration of the number 1 of the group.
Salaries, shares, bonuses, bonuses…the money received by the CEO of Stellantis is dizzying. 36.5 million euros. Here is the milestone that could be reached. This amount includes a bonus of 10 million euros for the transformation of the group. A bonus which rewards Carlos Tavares in 2023 for having launched the production of electric motors and gearboxes for hybrid cars in Moselle, after the increase in sales of electric cars in 2022.
“It’s injustice, it’s shocking, scandalous what Tavares is going to get!” denounces Jérôme Boussard, CGT representative at the Sochaux factory in Doubs. “When we know that a dubbing worker (day/night) earns around 1,400 euros” adds the elected official.
The automobile giant indicated on February 15 that it would redistribute nearly 1.9 billion euros to its employees around the world. In France, this represents a minimum bonus of 4,100 euros for the lowest salaries. “But compared to last year, it’s 200 euros less. There is no prospect of salary increases at Stellantis. This bonus of 4000 euros, in addition, if we are sick, if we have the flu, we lose money” deplores Mr. Boussard for whom the system is unfair.
The Stellantis factory in Sochaux in Doubs. Illustrative image. • © LIONEL VADAM / MAXPPP
In the ranks of the CFDT in Sochaux, the figures are also dizzying. 36.5 million euros divided by 365 days gives an average of 100,000 euros per day. “Tavares continues his momentum. He is not changing his mind. It is a global policy of the group, employees in France do not weigh much” regrets Benoit Vernier, elected CFDT.
Before, when they heard these figures, employees expressed anger. Now people are resigned. There is demotivation at work and a loss of attachment to the company.
Benoit Vernier, elected CFDT, Stellantis Sochaux
In Sochaux, the historic Doubs factory currently employs nearly 5,600 employees and several hundred temporary workers. There is little doubt about the vote on Carlos Tavares’ remuneration which will be submitted to the vote of the group’s shareholders at their general meeting on April 16.
Carlos Tavares must remain until 2025 at the helm of Stellantis, the 4th largest automobile group in the world, created in 2021 with its Peugeot, Fiat or Dodge brands by the merger of Peugeot-Citroën and Fiat-Chrysler.
Carlos Tavares’ fixed salary is two million euros. For the year 2023, it is the exceptional bonus of the general manager which has exploded the difference with the average salary in the group, which is 70,404 euros. Carlos Tavares would thus receive 518 times the average salary of his employees, specifies Agence France Presse.
Ranking among the highest paid bosses in the CAC 40, general manager Carlos Tavares attracted the wrath of Emmanuel Macron in 2022, who deemed the “astronomical” amount of his compensation “shocking and excessive”, 23.5 millions of euros.
Stellantis then argued in its report that this remuneration should rather be compared with that of multinationals such as Boeing in the United States or Volkswagen in Europe.
Stellantis published on February 15 a new record profit of 18.6 billion euros for 2023, up 11% year-on-year.
The group’s shareholders will receive around 7.7 billion euros for the 2023 financial year, between dividends and a share buyback program.
With AFP