Stellantis – the automaker formerly known as Fiat Chrysler – posted record revenues and profits in 2023. At the time of the reporting, CEO Carlos Tavares said he wanted to “warmly thank” the Stellantis team for “contributing greatly to [the company’s] growth story, even in the strongest of headwinds.”
It appears the Board at Stellantis has found a way to also warmly thank Tavares himself and it takes the form of a massive pay hike.
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According to an SEC filing, Tavares 2023 pay package – including direct compensation, non-vested stock and other benefits – was nearly $40 million, marking an increase over 2022 of about 56%.
A huge chunk of this, according to the filing, is a one-time bonus netted by the exec for guiding the company to hit the first three of its seven "transformation incentive" milestone targets charted through 2025.
And while, as Detroit News points out, 93 percent of Tavares compensation is variable, the massive hike could still ruffle a few feathers with the rank and file. Detroit News says the average compensation of a Stellantis employee is about $76,185 – meaning Tavares makes about 518 times that of the typical worker.
Still, thanks to some record UAW contracts of their own that began to push these averages, the typical Stellantis worker’s salary was up 9.4% year-over-year.
