The former director general of Stellantis, landed from the group on December 1, 2024, must earn a starting allowance of 12 million euros. The automaker said this Thursday in its annual report on Thursday.
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From 50 to 100 million euros! The craziest figures had circulated in the press in France and Italy when it was announced on December 1. Stellantis immediately denied these “overvalued” amounts. The former managing director of the group, Carlos Tavares, will finally pocket an indemnity of 12 million euros. This is what the automaker said this Thursday.
In its annual report, Stellantis explains that it has concluded an agreement with Carlostavares which provides 2 million euros in departure allowances “as required by Dutch law” since the group’s headquarters which owns the Peugeot, Citroën, Fiat or Chrysler marks, is in fact located in Amsterdam. The ex-director must also receive “10 million euros for a bonus in the achievement of a stage of transformation of the company”.
Carlos Tavares benefited, for 2024, from remuneration reaching 23.1 million euros. Compensation down 37% compared to the year 2023 (36.5 million). This is made up of a fixed part of 2 million euros to which are added several premiums reaching 20.5 million euros. First “10 million as a premium for reaching a stage in the transformation of the company” and “10,514,494 euros representing the rest of the long -term bonus burden, set in action of the company”, specifies the report.
The ex-leader also received 500,000 euros of “retirement services” from Stellantis in 2024. On the other hand, no performance bonus was paid to him, the financial objectives have not been achieved.
The day before, Wednesday, February 26, the Stellantis group presented annual results with net profit in strong decline over the year 2024 to 5.5 billion euros (-70%) and an operating margin at 5.5% after an exercise marked by the difficulties, especially in North America.
The remuneration of the former boss, one of the highest in the automotive industry, had further cringe in France last July At Peugeot and Citroën. Remuneration deemed “stratospheric” by the unions of the Sochaux factory (Doubs), historic cradle of the lion brand.
Since his arrival at the head of Stellantis, founded in January 2021 following the merger of PSA and Fiat-Chrysler, Carlos Tavares received more than 100 million euros.