© Reuters. FILE PHOTO: Stellantis CEO Carlos Tavares speaks during a keynote address for Stellantis at CES 2023, an annual consumer electronics trade show, in Las Vegas, Nevada, U.S., January 5, 2023. REUTERS/Steve Marcus
(Reuters) – Stellantis chief executive Carlos Tavares’ salary for 2022 fell 14% to 14.9 million euros ($15.71 million), the maker of Fiat, Ram and Peugeot vehicles said on Friday ( OTC:) in a statement.
Tavares did not receive a retention bonus in 2022, compared to a bonus of about 2 million euros in 2021, the filing showed.
Stellantis reported earnings that beat forecasts on Wednesday on high auto prices and higher-than-expected merger benefits, but warned of price pressure as supply chain woes ease across the board. industry.
More than 90% of Tavares’ pay came from variable components after the company posted industrial free cash flows of 10.8 billion euros last year, well above the maximum target of 8.1 billion euros. Stellantis also achieved cash synergies of €7.1 billion during the period, far exceeding the target of €5 billion by 2024.
The company announced a proposed share buyback program worth up to 1.5 billion euros by 2023 and said it will pay a dividend of 4.2 billion euros on its 2022 results, or 1.34 euros per share.
Last year, Tavares’ compensation of around 17.4 million euros sparked an angry response from some unions, which urged politicians to take action to cap executive pay.
($1 = 0.9482 euros)
