A Former Director Of Stellantis Is Under Fire

Investors in Stellantis are opposing a proposed compensation package of 23.1 million euros for former CEO Carlos Tavares, who left in December following a decline in sales and earnings. Allianz Global Investors, along with advisers like Proxinvest, has urged shareholders to vote against Stellantis’s earnings report at the upcoming annual meeting.

Tavares’ 2024 salary, combined with an additional 12 million euros in severance pay and bonuses he is entitled to this year, is sparking significant outrage. This discontent is fueled by dropping sales in the US, delays in model launches in Europe, and confrontations with politicians, retailers, and unions, as reported by Bloomberg.

Stellantis is currently searching for a successor to Tavares and is facing a challenging business environment. The company has experienced modest profitability this year due to reduced demand in Europe and difficulties in North America, where shipments dropped by 20 percent in the first quarter.

Stellantis’ investors have been against Tavares’ salary for years, which peaked at €36.5 million in 2023.

• Also See: Outgoing Stellantis CEO Tavares Earns Much More Than Ford CEO Jim Farley