ERIC PIERMONT via Getty Images
Carlos Tavares has just left the management of the Stellantis group on December 1, while the financial situation of the car manufacturer is not in good shape.
AUTOMOBILE – The controversy surrounding the departure of Carlos Tavares continues. While the emblematic CEO of the Stellantis group announced his surprise resignation on December 1, his departure bonuses from the company reach, according to the French and international press, 50 to 100 million euros. But Stellantis denied these amounts on Tuesday December 3, citing figures “overvalued” by the media.
“The various figures published in the media about Carlos Tavares' departure bonus are erroneous and greatly exaggerated,” declared a spokesperson for the parent company of the Peugeot, Citroën, Fiat and Chrysler brands. Stellantis has “ as a rule not to publish the departure conditions of its employees out of respect for their private lives, including those of its managers, unless this publication is required by law.he also underlined.
Among the highest paid bosses in the automobile industry, the one who was dismissed following strategic disagreements was already receiving a salary which was controversial, even if it was validated each year again by the group's shareholders, satisfied with the performance of Stellantis. Carlos Tavares' fixed remuneration was 2.6 million euros in 2023, but short and long-term bonuses, linked to performance objectives, increased it to 36 million euros, or 518 times the salary by means of an employee of the group.
Carlos Tavares has received nearly 80 million euros since his arrival at the head of Stellantis, according to the group's annual reports, and not counting the first 11 months of 2024.
Departure bonuses that are the subject of debate
Severance bonuses do not fail to cause controversy in large groups. In 2015, a golden parachute of 14 million euros over three years was for example offered to Michel Combes by the telecom equipment manufacturer Alcatel-Lucent, on the occasion of his departure for the management of Numéricable-SFR. Under combined pressure from employers, the Financial Markets Authority and the government, Alcatel-Lucent reduced the bonus by almost half.
Carlos Tavares' former superior at Renault, Carlos Ghosn, fought in court to recover retirement benefits, even though he left the Renault-Nissan Alliance following his incarceration in Japan. .
Also see on HuffPost :
Reading this content may result in cookies being placed by the third party operator who hosts it. Taking into account the choices you have expressed regarding the deposit of cookies, we have blocked the display of this content. If you wish to access it, you must accept the “Third Party Content” category of cookies by clicking on the button below.
Play Video
