Carlos Tavares left his position as CEO of Stellantis in December, well before his contract was due to expire in 2026. After taking over as head of the automotive giant when it was created in January 2021, the executive earned an astounding amount of income in the four-year period until his departure.
Staggering numbers
Stellantis' financial reports between 2021 and 2024 reveal that Tavares earned colossal sums each year (given here in Canadian dollars):
- - 2021: $28.2 million CAD
- - 2022: $34.6 million CAD
- - 2023: $54 million CAD
- - 2024: $34 million CAD
Over four years, he accumulated $151 million CAD. This even with a relatively modest base salary of around $3 million CAD a year. The rest came from short- and long-term incentives, retirement bonuses and other benefits.
A substantial severance package
Even since his departure, Tavares continues to earn millions:
- - $3 million CAD in 2024 as severance pay
- - $15 million CAD this year for reaching a “second milestone” in his objectives
- - 800,000 Stellantis shares, to be conferred in January 2026
A company in crisis
And of course, while Tavares was raking in astronomical sums, Stellantis had a catastrophic year in 2024:
- - 70-percent drop in net profit
- - Gross revenue down 17 percent
- - Sales down 12 percent, mainly due to an insufficient product portfolio
The start of 2025 doesn't look any better: in the 27 EU countries, plus Iceland, Liechtenstein, Norway, Switzerland and the UK, Stellantis posted a 16 percent drop in sales in January, according to the European Automobile Manufacturers' Association (ACEA). Only Alfa Romeo escaped the downturn.
A rich CEO, a struggling company
Carlos Tavares left his position with Stellantis with a very well-fed bank account, at a time when the company is going through one of the most uncertain periods in its history. It remains to be seen whether his successor is able to turn things around in the current economic climate.