Carlos Tavares Got $24 Million As Stellantis Crashed And Burned

  • Former Stellantis CEO Carlos Tavares made $23.9 million last year.
  • He’ll be getting an additional $12.5 million this year in severance and bonuses.
  • While Tavares was deploying his golden parachute, Stellantis’ net profit fell 70% in 2024.

Stellantis’ net profit fell 70% last year to €5.5 ($5.8 / £4.5) billion thanks, in part, to a 15% decline in U.S. sales. Virtually all brands were in the red with Ram falling a stunning 100,437 units in a single year.

While there’s no shortage of blame to go around, a lot of it can be chalked up to former CEO Carlos Tavares. He abruptly resigned on December 1 after internal conflicts boiled over.

More: Stellantis CEO Carlos Tavares Abruptly Resigns After Leadership Tensions Reach Breaking Point

That’s not exactly leaving on a high note, but Tavares is laughing all the way to the bank thanks to a reported €23 ($23.9 / £19) million payday. Despite being more than many of us will earn in our lifetimes, Reuters reports the former executive saw his compensation drop by 37% compared to 2023.

However, Tavares is still earning bank as a regulatory filing revealed the former boss will be getting €2 ($2.1 / £1.7) million in severance as well as a €10 ($10.4 / £8.3) million bonus this year. The latter is the result of the company achieving several milestones under his watch.

Carlos Tavares Got $24 Million As Stellantis Crashed And Burned

While Tavares’ tenure won’t be fondly remembered, he earned far more than ordinary Stellantis employees. They were paid an average of €66,000 ($68,457 / £54,462), which was down 6% from the previous year. This decline might be related to efforts to recruit engineers from countries such as Brazil, India, and Morocco to drive down development costs.


The Auto World

Comments

Post a Comment

Popular posts from this blog

Gearhead Nirvana: We Visit Porsche’s Atlanta Workshop Where Classics Get Reborn

Image
Maintaining any car is a duty that different owners approach in vastly different ways. For some, a few zip ties and a rattle can of spray paint is good enough. Far on the other end of the spectrum are owners like the ones who take their car to the Porsche Classic Center in Atlanta. During our trip there to see the new Macan EV in virtual reality , we had the opportunity to tour the Classic Center as it was deep in the midst of multiple repair and restoration projects.  To the owners of these cars and to the Porsche brand itself, what these mechanics, technicians, upholsterers, and painters are preserving is heritage. The center’s mantra “As good as new. But with even more character” is on display for anyone who visits the site. More: 2024 Porsche Macan EV Arrives From $79k, Turbo Is Faster Than A 911 GT3 Directly south of downtown Atlanta and appropriately located at 300 Porsche Ave, the Porsche Classic Center is now a separate building from the main Experience Center that o...
Read more

US Drops $100 Million To Boost Domestic EV Parts Production

Image
Vice President Kamala Harris is in Detroit today, announcing $100 million in funding to help suppliers prepare to make parts for EVs. The White House says that the money will keep good-paying, union manufacturing jobs in the country. The funding will come from the Department of Energy as part of the Inflation Reduction Act and the Bipartisan Infrastructure Law. As part of the Vice President’s Economic Opportunity Tour, Kamala Harris has announced that the White House will free up $100 million in funding to help small- and medium-size auto parts manufacturers prepare to produce components for electric vehicles. Half of the funds will come from the Department of Energy’s Automotive Conversion Grants Program to help suppliers shift from manufacturing parts for internal combustion vehicles to EVs. The other half of the funding comes from the department’s Implementation Grants Program to help suppliers “kickstart manufacturing diversification and conversion projects.” Read: ...
Read more

The New Honda Prelude Will Be A Global Model, But It Won’t Be A Toyota GR 86

Image
Last month, Honda rolled out the red carpet for the the hybrid Prelude Concept , heralding the comeback of a historic name in the motoring world. Now, this car has been given the green light as a global model, set to cater to both right- and left-hand drive markets. However, it might not quite rev up to be the full-throttle sports car many enthusiasts were anticipating Despite being labeled a concept by Honda, the car presented at the Japan Mobility Show (JMS) looked quite production-ready. And if we know anything about Honda, they have a knack for unveiling thinly-disguised production cars as concepts. Take the last two Civics, for example. The 10th-gen Civic Concept was more or less the Civic coupe of that generation with a more aggressive stance and altered bumpers, while the 11th-gen Civic Prototype was virtually the same sedan that made it to production. Read More: The Honda Prelude Is Coming Back As A Hybrid Sports Coupe advertisement scroll to continue Honda Pre...
Read more