Stellantis CEO Tavares’ 2022 pay fell 14% to $15.7 million


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

Tavares didn’t obtain a retention bonus in 2022, in contrast with a bonus of about 2 million euros in 2021, the submitting confirmed.

Stellantis reported revenue that beat forecasts on Wednesday as a consequence of sturdy automobile costs and greater-than-expected merger advantages, however warned of pricing stress as industry-wide provide chain issues ease.

Over 90% of Tavares’ pay got here from variable parts after the corporate posted industrial free money flows of 10.8 billion euros final yr, effectively above the utmost goal of 8.1 billion euros. Stellantis additionally achieved money synergies of seven.1 billion euros throughout the interval, far exceeding the 5 billion euros by 2024 goal.

The corporate introduced a proposed share buyback program value as much as 1.5 billion euros for 2023 and stated it should pay a dividend of 4.2 billion euros on its 2022 outcomes, or 1.34 euros per share.

Final yr, Tavares’ compensation of round 17.4 million euros drew an indignant response from some commerce unions, which urged politicians to take measures to cap govt salaries.

($1 = 0.9482 euros)

(Reporting by Kanjyik Ghosh and Rhea Binoy in Bengaluru; Modifying by Leslie Adler)