Stellantis CEO Carlos Tavares’ 2022 pay fell 14%

Stellantis CEO Carlos Tavares’ 2022 pay fell 14 % to 14.9 million euros ($15.71 million), the maker of Jeep, Ram, Dodge and Fiat autos mentioned in a submitting on Friday.

Tavares did not obtain a retention bonus in 2022, in contrast with a reward of about 2 million euros in 2021, the submitting showed.

Stellantis documented revenue that conquer forecasts on Wednesday because of to solid automobile prices and increased-than-expected merger positive aspects, but warned of pricing strain as field-huge offer chain troubles simplicity.

About 90 p.c of Tavares’ fork out came from variable parts soon after the business posted industrial free of charge cash flows of 10.8 billion euros previous calendar year, perfectly earlier mentioned the greatest goal of 8.1 billion euros.

Stellantis also attained funds synergies of 7.1 billion euros during the period, considerably exceeding the 5 billion euros by 2024 target.

The automaker introduced a proposed share buyback software worth up to 1.5 billion euros for 2023 and mentioned it will pay a dividend of 4.2 billion euros on its 2022 outcomes, or 1.34 euros per share.

Very last yr, Tavares’ compensation of all-around 17.4 million euros drew an angry response in France from some trade unions, which urged politicians to acquire measures to cap executive salaries.

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