Dealers' #1 source for auto industry news, content, coaching & analysis

Stellantis CEO’s 2022 remuneration is approved by shareholders

During the meeting, Stellantis Chairman John Elkann emphasized the "meritocratic" culture of the business that supports financial goals.

During its annual general meeting on April 13, shareholders of the company that makes Jeep SUVs, Ram pickup trucks, and other automobiles unanimously approved CEO Carlos Tavares’ compensation.

According to spokesman Ferno Silveira, 80.44% of shareholders voted in favor of Tavares’ compensation, demonstrating their support for it. The decision was a turnabout from the advisory vote in the previous year when the CEO’s compensation was opposed by the majority of shareholders.

The sum of Tavares’ 2022 remuneration, which also includes long-term compensation, increased by 22% from the previous year to $24.8 million. Whereas, the automaker reported a 13% decrease in his total compensation of $15.8 million from cash and vested equity awards.

In response to criticism of Tavares’ compensation from some, including the French government amid an election, 52% of Stellantis shareholders withdrew their support at the company’s annual meeting last year. Although the advisory vote didn’t directly alter executive remuneration, it served as a guideline for the company’s board of directors. In response, the board held two rounds of discussion with institutional investors.

Based on the feedback, the 2022 compensation report disclosed additional information about performance goals and pay, including a more detailed description of Tavares’ direct compensation.  The company’s long-term incentive plan’s equity awards will now exclusively be made up of performance shares, as the shareholders adopted a modification to the policy.

During the meeting, Stellantis Chairman John Elkann emphasized the “meritocratic” culture of the business that supports financial, social, environmental, and corporate governance goals.

“The goal of the  structure,” he continued, “is to enable Stellantis to attract and retain the most highly qualified executives and colleagues and to motivate them to achieve business and financial goals that create value for all of you, our shareholders, and all of our stakeholders in a manner consistent with what we believe to be our purpose and our values.”

Stay up to date on exclusive content from CBT News by following us on Facebook, Twitter, Instagram and LinkedIn.

Don’t miss out! Subscribe to our free newsletter to receive all the latest news, insight and trends impacting the automotive industry.

CBT News is part of the JBF Business Media family.

Jaelyn Campbell
Jaelyn Campbell
Jaelyn Campbell is a staff writer/reporter for CBT News. She is a recent honors cum laude graduate with a BFA in Mass Media from Valdosta State University. Jaelyn is an enthusiastic creator with more than four years of experience in corporate communications, editing, broadcasting, and writing. Her articles in The Spectator, her hometown newspaper, changed how people perceive virtual reality. She connects her readers to the facts while providing them a voice to understand the challenges of being an entrepreneur in the digital world.

Related Articles

Latest Articles

From our Publishing Partners