From Elkann to Tavares, to Andrea Agnelli: here are the salaries of Stellantis
Not an entirely prosperous moment for John Elkann. The problems are not enough to judge with mother Margherita. The president of Stellantis, in fact, in 2023 he also saw his salary drop well below that of CEO Carlos Tavares.
After celebrating record profits in 2023, a profit of 18.6 billion euros (an increase of 11% compared to the previous year), the car company has revealed how much its top managers take home. The giant spares no expense when it comes to compensating its executives, even if, according to what emerges from the 2023 Annual Report published by the company, it seems that the portfolio of Elkann and Tavares has lost some weight compared to 2022.
Elkann received total compensation in 2023 for 4.8 million euros (down from 5.8 million in 2022). How is your salary divided? The president of Stellantis has a base salary of 924,000 euros (951,000 euros in 2022), to which is added 684,000 euros in additional benefits (1.1 million euros in 2022) and a long-term incentive of 3.2 million euros (3.77 million euros in 2022). His compensation is structured with a fixed quota of 33% and a variable of 67% (compared to 35% and 65% in 2022), bringing the total to 4.85 million euros. Overall, over the last five years, during his tenure at the helm first of FCA and subsequently of Stellantis, Elkann has received, in total, compensation that approximates 32.5 million euros.
What does Elkann think? The president of Stellantis is optimistic, and he outlines a 2023 as “a year marked by new projects and important goals for Stellantis. Our mission to provide clean, safe and accessible freedom of mobility for all has never been more important – he adds – and the resilience of our colleagues, under the leadership of Carlos Tavares, has made the difference”.
A drop in compensation was also recorded by the CEO of Stellantis, Carlos Tavares. In 2023, the CEO received a salary of 13.5 million euros, 1.4 million less than in 2022 (14.9 million euros). His compensation is divided into: a basic salary of 2 million euros (the same for three years), to which must be added a variable salary of 90% with respect to the performance KPIs, the key performance indicators assigned to him, which amounts to 11.5 million, approximately 1.4 million euros less than the sum received in 2022. But if the basic salary is lower, the incentive significantly increases the annual compensation.
On top of his base pay and standard incentives, in 2023 Tavares got his hands on a special bonus of 10 million euros for his key role in transforming Stellantis into a sustainable mobility giant. An incentive approved in 2021 by the Stellantis Board as part of a plan to achieve significant and strategic milestones linked to the Group's innovation over five years. And that's not all: another 13 million euros in long-term incentives have also been allocatedwhich will be assigned to Tavares only if specific performance objectives are achieved in the coming years.
“Actions speak louder than words”, is the comment of the Portuguese, who says: “There is no doubt that the enormous transformation now taking place in our sector is an opportunity – not a threat – to shake up the status quo , redefine our destiny and demonstrate that we have the best teams to face tough competition. We have the people and the mentality, even if we are not always perfect.”
And on speculation regarding a possible “Chinese lead”says: “This year we invested €1.4 billion in Leapmotor, an original equipment manufacturer for new energy vehicles, and we now hold approximately 21% of the share capital, which gives us a leading role in support their promising growth in China and global expansion opportunities through the new joint venture Leapmotor International, which we will manage. We are actively addressing a gap in our business model and Now we can benefit from Leapmotor's competitiveness both in China and abroad.”
The list also includes Andrea Agnelli, former president of Juventus and member of the board of directors of Stellantis until his resignation following the investigations involving the football club. Agnelli received a total compensation of 62,000 euros during 2023. Of this, 60,000 euros was his basic salary (compared to the previous 210,000 euros in 2022) and 2,600 euros were fringe benefits (compared to the previous 13,000 euros in 2022). Overall, between FCA and Stellantis, Agnelli has received approximately 1.3 million euros since 2016.
Finally, good news also for the CEO of Ferrari, Benedetto Vigna. In 2023, the top manager received 1.5 million euros in basic compensation and 11,741 euros in fringe benefits, as well as 2.95 million euros in variable pay, 230,000 euros in pension contributions and 1.99 million euros in long-term incentives . All this brings the annual compensation to 6.69 million euros, compared to a sum of 4.99 million euros the previous year.
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