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Stellantis CEO was paid 300 times average employee salary

By Nagasunder in Business News, posted March 2, 2022

The boss of Jeep SUVs and Ram pickup trucks pocketed $18.9 million in compensation in his first year.

Carlos Tavares was CEO of Stellantis in 2021 and his salary includes a one-time $1.91 million dollar retention bonus.

His overall salary was $21.5 million, which included retirement and fringe benefits such as the use of corporate automobiles, insurance, and tax preparation.

Without the retention bonus, Tavares' $19.6 million dollar income is almost 298 times that of the company's average employee compensation of $65,635 dollars.

Stellantis did not reveal Tavares' remuneration for 2020, the final year he was CEO of Groupe PSA before its merger with Fiat Chrysler Automobiles NV in January 2021, in its annual report.

Stellantis reported a profit of $15.1 billion, above its adjusted operating income margin projection for 2021.

Because of the high demand on low dealership inventory caused by a global shortage of semiconductors, it profited from cost-cutting efforts and good pricing.

Stellantis chairman John Elkann, scion of the Fiat-founding Agnelli family, last year received $8.01 million in direct compensation, a 242% increase from 2020.

Stellantis paid vice chairman Robert Peugeot a salary of $220,214 dollars last year. His total remuneration was $228,734 dollars.

The automaker also disclosed compensation in 2021 for former FCA board members prior to the merger closing on Jan. 16 of last year and for any work afterward as a director.

Richard Palmer, chief financial officer for FCA and now Stellantis, received $170,347 dollars in direct compensation plus a $16.4 million one-time cash retention benefit.

His total remuneration was $16.6 million dollars

General Motors and Ford Motor Company are anticipated to announce executive remuneration for 2021 this spring. In recent years, GM CEO Mary Barra has been the highest-paid executive among the Detroit Three. In 2020, she received almost $23.7 million.

Source: The Detroit News

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