Carlos Tavares Received $24 Million While Stellantis Struggled | Carscoops

      The dismissed executive is set to receive a $10.4 million bonus this year as well.

      Former Stellantis CEO Carlos Tavares received $23.9 million last year, and he will also be given an additional $12.5 million this year in severance and bonuses.

      While Tavares benefits from his golden parachute, Stellantis experienced a 70% decline in net profit in 2024.

      The company’s net profit dropped to €5.5 billion ($5.8 billion / £4.5 billion), partly due to a 15% decrease in U.S. sales. Nearly all brands reported losses, with Ram experiencing a remarkable drop of 100,437 units in just one year.

      Although many factors contributed to this situation, a significant amount of the blame falls on former CEO Carlos Tavares, who resigned abruptly on December 1 following internal conflicts.

      Despite his departure not being particularly positive, Tavares is benefiting financially from a reported €23 million ($23.9 million / £19 million) payout. Even though this amount is substantial, reports indicate that his compensation has decreased by 37% compared to 2023.

      Nonetheless, Tavares will still receive significant earnings, as a regulatory filing showed he will obtain €2 million ($2.1 million / £1.7 million) in severance and a €10 million ($10.4 million / £8.3 million) bonus this year, attributed to the company meeting several milestones during his leadership.

      While Tavares’ time at the company may not be remembered fondly, he earned significantly more than regular Stellantis employees, who averaged €66,000 ($68,457 / £54,462) in earnings, down 6% compared to the previous year. This reduction may be linked to efforts to hire engineers from countries like Brazil, India, and Morocco to reduce development costs.