Stellantis: Challenges for major brands, global reach and automakers
We explore the history of Stellantis, the automotive giant formed in 2021 through the merger of Fiat Chrysler Automobiles and PSA Group.
Stellantis’ new CEO Antonio Filosa has made at least $4 million at the helm in the first two years, and will rise to up to $23 million a year from 2028, including bonuses.
Firosa became officially the CEO of owners of brands such as Chrysler, Peugeot and Jeep later this month, and was tasked with recollecting the performance of the automakers and regaining US market share.
He receives a base salary of $1.8 million a year. The company’s documents issued ahead of the extraordinary general meeting on July 18th are just under the 2 million euros ($2.3 million) granted to its predecessor, Tavares.
In addition to your initial salary, Filosa will pocket an annual bonus worth up to 400% of your base salary, based on achieving your company’s financial and business plan goals.
Filosa, formerly the North American Chief of Stellantis, will be granted stock as a long-term incentive (LTI) based on the company’s performance from 500% of this year’s salary to up to 780% from 2027.
Until potential LTIs are paid in 2028, the company will offer top managers a $1.2 million cash award each year.
Tavares, who suddenly resigned as CEO in December last year due to differences in opinion with the board of directors on strategy, pocketed a final 35 million euro compensation package despite a dramatic plunge of sales and profits and a broken relationship between profits with suppliers, dealers and investors.
In 2023, when Stellantis reported record results, Tavares totaled 36.5 million euros.
Filosa will benefit from the company’s US healthcare and retirement plans, as well as equal tax benefits, and will have access to other fringe benefits, including personal use of company aircraft and vehicles, personal security, and annual health checks.
According to the document, Filosa’s term is five years to “ensure leadership stability and maximize the ability of businesses to effectively respond to serious, long-term industry changes.” Filosa will be appointed to a member of the Executive Committee at EGM on July 18th.
Tavares was appointed CEO for five years, but left after just under four years.
($1 = 0.8763 Euro)
Reported by Giulia Secrets and Giulio Piovaccari. Edited by Susan Fenton
