Stellantis controversy: CEO earned over $106M amid losses
The former CEO of Stellantis stirred much controversy due to his perplexing business decisions and his exorbitant salary. After his departure, the company meticulously summarized his earnings. The total is impressive.
When Tavares headed Stellantis, he was considered one of the highest-paid CEOs in the automotive industry. Yet, not everyone is aware of the amounts in question.
The company's annual financial statements reveal shocking data. They indicate that in 2021, when Stellantis was essentially formed, Tavares's total compensation was $20,028,089. The following year, the sum was even more significant—$24,517,932. However, the record was set in 2023 when Tavares earned $38,127,283. The last year of his term, 2024, concluded with a result of $24,128,070. In total, this amounts to $106,801,375 over four years.
Interestingly, most of this sum comprises bonuses and additional benefits, as Tavares's base, annual salary was around $2,088,456. But that's not all—to the staggering amount one must add another $2,088,456 for the early termination of the contract, paid immediately in December 2024, and another tranche of $10,442,279 planned for January 2026 (when Tavares's actual contract ends).
This contrasts with the company's poor financial condition, which recorded a 70% decline in net profit and a 17% drop in revenue in 2024.
Read also:
