Stellantis CEO Tavares’ 2022 pay fell 14% to $15.7 million By Reuters

© Reuters. FILE PHOTO: Stellantis CEO Carlos Tavares speaks throughout a Stellantis keynote tackle at CES 2023, an annual shopper electronics commerce present, in Las Vegas, Nevada, U.S. January 5, 2023. REUTERS/Steve Marcus

(Reuters) – Stellantis CEO Carlos Tavares’ 2022 pay fell 14% to 14.9 million euros ($15.71 million), the maker of Fiat, Ram and Peugeot (OTC:) automobiles mentioned in a submitting on Friday.

Tavares didn’t obtain a retention bonus in 2022, in contrast with a bonus of about 2 million euros in 2021, the submitting confirmed.

Stellantis reported revenue that beat forecasts on Wednesday as a result of robust automobile costs and greater-than-expected merger advantages, however warned of pricing stress as industry-wide provide chain issues ease.

Over 90% of Tavares’ pay got here from variable elements after the corporate posted industrial free money flows of 10.8 billion euros final yr, properly above the utmost goal of 8.1 billion euros. Stellantis additionally achieved money synergies of seven.1 billion euros in the course of the interval, far exceeding the 5 billion euros by 2024 goal.

The corporate introduced a proposed share buyback program price as much as 1.5 billion euros for 2023 and mentioned it is going to pay a dividend of 4.2 billion euros on its 2022 outcomes, or 1.34 euros per share.

Final yr, Tavares’ compensation of round 17.4 million euros drew an offended response from some commerce unions, which urged politicians to take measures to cap govt salaries.

($1 = 0.9482 euros)