Stellantis NV Chief Executive Officer Carlos Tavares’ jump in 2023 remuneration is getting pushback as the Jeep maker pursues deep job cuts and tough savings goals in the EV transition.
At Tuesday’s annual general meeting, advisory firms Glass Lewis, Proxinvest and Institutional Shareholder Services are urging investors to vote against approving the €36.5 million ($39 million) total compensation package. The pay plan, up almost 60% from 2022 levels, makes Tavares the most highly paid carmaking CEO among incumbent manufacturers.
Tavares’ total compensation includes a new incentive award worth €10 million tied to meeting electrification and software goals, at a time Stellantis is coming under increased scrutiny in Italy and the US due to ongoing job cuts. Two years ago, investors rejected his remuneration plan in a non-binding vote after opposition in France.
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