PARIS – A French government spokesman said that the financial compensation for Stellantis CEO Carlos Tavares was not “normal” and showed there was a need for more regulation at the European level.
Tavares, who oversaw the merger between PSA Group, where he was CEO, and Fiat Chrysler Automobiles that created Stellantis in January 2021, is set to be paid about 19 million euros ($20.5 million) for 2021.
He is also eligible for a stock package worth an additional 32 million euros and long-term compensation of about 25 million euros, according to Phitrust, an investor.
“Obviously, these are not normal figures,” said the government spokesman, Gabriel Attal, at a news conference on Tuesday. The French government holds a 6.2 percent stake in Stellantis through the bpifrance investment bank.
Stellantis shareholders are set to vote on Tavares’ compensation package Wednesday afternoon at the group’s first annual general meeting. Stellantis is incorporated in Amsterdam, and the meeting will be held by videoconference.
Phitrust said in a statement that it had voted against approving Tavares’ pay package.
