/regions/2024/12/02/maxnewsspecialtwo011856-674daa015667e855032783.jpg)
This April 15, 2025, the general assembly of the Automobile Group Stellantis must decide on the sum granted to Carlos Tavares, former director deputy pushed to resign on December 1, 2024. This is 35 million euros. An “indecent” amount for employees and shareholders of the automotive group, but also by policies.
Most of the day: our exclusive selection
Every day, our editorial staff reserves you the best of the regional info. A selection just for you, to stay in connection with your regions.
France Télévisions uses your email address to send you the newsletter “The essentials of the day: our exclusive selection”. You can unsubscribe at any time via the link at the bottom of this newsletter. Our Privacy Policy
Since his resignation, on December 1, 2024, it is a subject that has been a lot of talk. With what sum Carlos Tavares, former CEO of the Automobile Group Stellantis, will leave the company? The answer: more than 35 million euros.
Indeed, the remuneration of Carlos Tavares in 2024 rises to 23.1 million euros, to which must be added starting indemnity of 2 million euros and an additional 10 million euros “Under a bonus in the infringement of a stage of transformation of the company”. A large sum on which the Stellantis shareholders will rule on March 15, 2025 during a general meeting in Amsterdam (Netherlands), which causes many criticisms, including internally.
It was first of all the advice company for Proxinvest investors who recommended voting against this payment, calling into question the amounts of the departure compensation for Mr. Tavares. “The departure being voluntary since it is a resignation, no compensation should have been awarded to the manager,” said the company, even if Mr. Tavares was pushed towards the exit.
In view of the performance of the company, it can be considered that the company is in a situation of failure, but it is not acceptable to award an indemnity to start to a manager who led the company to this situation of failure.
Proxinvest,
Investor consulting company
The remuneration of Carlos Tavares is also pointed out, this time by the active manager Allianzgi. “The remuneration package of 23.1 million euros offered for the former director general in the remuneration report seems excessively generous, in particular given the poor operational performance and circumstances surrounding forced resignation” he explains. The Proxinvest company also highlights the fact that Mr. Tavares did not work in December, and that he should therefore have taken off that month from his remuneration.
Carlos Tavares, then Managing Director of Stellantis, visiting the Sochaux factory, Doubs, October 3, 2024. • © Lionel Vadam / Maxppp
Questioned by France Info, the boss of Medef, Patrick Martin, also judged this sum of 35 million “surprising”. “It would seem that it is paid to him to which he is not entitled in application of his contract,” he said. “Carlos Tavares had excellent performance at a time, he had much less good afterwards.”
These speeches are based on the little brilliant assessment of the Stellantis group in 2024, the last year that Carlos Tavares was in charge: braked in particular by difficulties in North America, the group’s net profit fell by 70 %, to 5.5 billion euros, and the former CEO had been pushed towards the exit.
“This man destroyed Stellantis and the Peugeot brand” adds Cédric Perrin, senator from the Territoire de Belfort. “He fell everything in dismissing thousands of employees, cutting links with local subcontractors and with FC Sochaux, transforming the production model to low-cost”.
If he had improved the company, this sum would not shock me. But seeing him go with 35 million, when he liquidated everything, it is no. It is illogical and indecent. We can talk about scandal.
Cédric Perrin,
Senator of the Territoire de Belfort
These feelings are shared on the side of employees. “In the workshops, it reacts a lot” admits Bilal Benchaa, CFDT union delegate on the Stellantis site in Sochaux. “The word indecency is justified, yes. When you see 35 million, when there were almost no redistribution of the company’s profits from employees, those who make it live, it is unacceptable”.
As a reminder, the remuneration of Carlos Tavares in the year 2024 is the equivalent of 350 times the average salary of the 259,000 Stellantis employees around the world (65,993 euros), down for the first time since the group’s creation in 2021. For comparison, John Elkann, Chairman of the Stellantis Board of Directors and Interim Manager, touched nearly 2.8 million euros for the year.
“It’s very difficult to live” adds Jean-Paul Guy, CFTC delegate in Vesoul (Haute-Saône). “It is true that he went up the business upon his arrival. But afterwards, he went too far. He loss our sites in terms of workforce: we had waves of layoffs and closing factories in France and in Europe. And he lowered the quality of our products because of these production choices”.
We arrive in very difficult years for the automobile and our group, with a transformation with complicated electric cars. So these 35 million seem disproportionate. You have to be coherent, you cannot give as much to a former director.
Jean-Paul Guy,
CFTC delegate in Vesoul
Shareholders, politicians, employees … You will understand, a multitude of actors seems to be opposed to that Carlos Tavares can start from Stellantis with 35 million euros. The general assembly of this April 15 is therefore promised to be heated concerning this remuneration policy, which the shareholders had disputed 52% in 2022, 48% in 2023, and 30% in 2024.
But will their vote have an effect? The opinion which will be rendered this Tuesday will only be “advisory”, as provided for in the Dutch law (the general meeting takes place in Amsterdam). The last word will return to the board of directors of Stellantis which, despite the reserves issued in previous years, has never deprived Carlos Tavares of part of its emoluments.