- Former Stellantis CEO Carlos Tavares made $23.9 million last year.
- He’ll be getting an additional $12.5 million this year in severance and bonuses.
- While Tavares was deploying his golden parachute, Stellantis’ net profit fell 70% in 2024.
Stellantis’ net profit fell 70% last year to €5.5 ($5.8 / £4.5) billion thanks, in part, to a 15% decline in U.S. sales. Virtually all brands were in the red with Ram falling a stunning 100,437 units in a single year.
While there’s no shortage of blame to go around, a lot of it can be chalked up to former CEO Carlos Tavares. He abruptly resigned on December 1 after internal conflicts boiled over.
More: Stellantis CEO Carlos Tavares Abruptly Resigns After Leadership Tensions Reach Breaking Point
That’s not exactly leaving on a high note, but Tavares is laughing all the way to the bank thanks to a reported €23 ($23.9 / £19) million payday. Despite being more than many of us will earn in our lifetimes, Reuters reports the former executive saw his compensation drop by 37% compared to 2023.
However, Tavares is still earning bank as a regulatory filing revealed the former boss will be getting €2 ($2.1 / £1.7) million in severance as well as a €10 ($10.4 / £8.3) million bonus this year. The latter is the result of the company achieving several milestones under his watch.
While Tavares’ tenure won’t be fondly remembered, he earned far more than ordinary Stellantis employees. They were paid an average of €66,000 ($68,457 / £54,462), which was down 6% from the previous year. This decline might be related to efforts to recruit engineers from countries such as Brazil, India, and Morocco to drive down development costs.