PARIS, France — According to a French government spokeswoman, the financial reward paid to Stellantis CEO Carlos Tavares was not “normal” and demonstrated the need for additional European-level regulation.
Tavares, who supervised the merger of PSA Group and Fiat Chrysler Automobiles in January 2021, is set to earn approximately 19 million euros ($20.5 million) in 2021.
He is also eligible for an extra 32 million euros in stock and approximately 25 million euros in long-term remuneration, according to investor Phitrust.
“Clearly, these are not typical figures,” government spokesperson Gabriel Attal said Tuesday during a news conference. The French government owns 6.2 percent of Stellantis through the investment bank bpifrance.
Shareholders of Stellantis will vote on Tavares’ pay package during the group’s first annual general meeting on Wednesday afternoon.
Stellantis’ headquarters are in Amsterdam, and the meeting will take place by videoconference.
Phitrust stated in a statement that it voted against Tavares’ compensation deal.