Problems for Stellantis: What Happens to CEO Carlos Tavares

Stellantis CEO Carlos Tavares is facing problems from the French authorities.

French President Emmanuel Macron and his far-right rival Marine Le Pen have called Stellantis CEO Carlos Tavares’ salary package “shocking” as the executive’s salary becomes a hot topic in a tight presidential race. focuses on economic issues.

With just six days to go before the second election, which will determine who will lead the EU’s second largest economy in the next five years, opinion polls show that Macron is slightly ahead of Le Pen.

Tavares’ 2021 compensation package is about 19 million euros, plus a package of shares worth about 32 million euros and a long-term compensation of about 25 million euros.

Politicians’ reaction

“We’re talking about astronomical sums here,” Macron told Franceinfo radio. “It simply came to our notice then. This could work if we act at European level. “

“People can’t have problems with purchasing power, difficulties and anxiety in their lives and see such sums,” Macron said, adding that otherwise “society will explode.”

Le Pen echoed his comments.

“It simply came to our notice then. It is even more shocking when he is a CEO who has put the company in difficulty and receives considerable sums, ”she told BFM television, suggesting that one way to compensate for such remuneration is to develop employee actions.

A Stellantis spokeswoman said the company did not comment on politicians’ positions and would explain the pay package in its 2022 payroll report.

Just over 52% of the company’s shareholders, including the investment fund backed by the French government Bpifrance, voted against the compensation package in an advisory vote.

Former Renault CEO Carlos Ghosn has faced similar criticism for his salary, including when Macron was finance minister under President Francois Hollande in 2016. Ghosn has received millions in compensation from both Renault and its partner. Nissan and regularly found itself in a position to defend its salary from shareholders.