Carlos Tavares’ remuneration will reach 36.5 million euros for 2023, which is considered “scandalous” by the salary unions.

The car maker’s boss’s income has grown by 56% in a year.

This risks reviving the row over boss pay. Car maker Stallantis boss Carlos Tavares’ remuneration could eventually reach 36.5 million euros for the year 2023. which represents An increase of 56% in one year. The increase is significantly linked to the payment of a bonus of 10 million euros “Change”

The management details of Stellantis, a group created in 2021, were disclosed in its financial report on Friday, February 23.

Carlos Tavares’ remuneration includes a retirement pension that will be paid over the long term, but also a bonus if he meets the objectives set for 2025, the last year of his mandate at the head of the manufacturer.

For the 2023 fiscal year, Carlos Tavares will initially receive 23.5 million euros, a spokesperson for Stallantis underlined. Mostly paid in shares, the remuneration also rises with the value of the group’s stock, which has nearly doubled since its creation in 2021 through the merger of Peugeot-Citroen and Fiat-Chrysler.

The pay is considered “reprehensible” by the unions

Ranking among the highest-paid bosses in the CAC 40, the general director of the world’s fourth-largest automobile group had already attracted the ire of Emmanuel Macron in 2022, who judged “shocking and overwhelming” Amount “Astronomical” from his remuneration. Stallantis argues in his report that this remuneration should be comparable to that of multinational companies such as Boeing in the United States or Volkswagen in Europe. The group makes most of its sales in the old continent, but derives most of its profits from the American market.

“It’s unfair, it’s shocking, it’s scandalous that Tavares will get!” France 3 reported Jerome Boussard, CGT representative at the Sochaux factory (dubs).

When we know that a dubbing worker (day/night) earns around 1,400 euros...“

Among the ranks of the CFDT in Sochaux, the figures are also murky: 36.5 million euros divided by 365 days, this gives an average of 100,000 euros per day. “Tavares continues his pace. He is not changing his tune. It is the global policy of the group, the employees in France are not overweight”, Sorry to Benoit Vernier, elected CFDT.

The remuneration will be submitted for a (non-binding) vote by the group’s shareholders at their general meeting on 16 April. After clarification efforts from the manufacturer, shareholders rejected it for the 2021 fiscal year before approving it for 2022.