How Much Did Former Stellantis CEO Carlos Tavares Make in 2024?

We are finally getting to see exactly how much former Stellantis CEO Carlos Tavares made last year. According to Reuters, Tavares saw a decrease in pay by 37% last year to $23.91 million (€23 million) before he was forced to resign in December after clashing with the automaker’s board of directors over his constant cost-cutting measures, rather than keeping an eye on broader goals. His aggressive pricing strategy contributed to slipping U.S. sales, which the automaker is still trying to claw back.

Tavares will receive an additional $2.079 million (€2 million) in severance and $10.39 million (€10 million) in bonus pay this year for meeting a series of company milestones, the automaker said in a regulatory filing on Thursday morning. This comes as Stellantis stock has fallen by about 50% over the past 12 months.

Stellantis Chairman John Elkann said during a conference call on Wednesday that the automaker has narrowed its search for a new CEO down to a handful of candidates, both internally and externally. The new CEO will be tasked with refining the automaker’s extensive 14-brand portfolio, reversing a decline in market share in both the United States and Enlarged Europe, competing with aggressive Chinese automakers in Europe, navigating disruptive trade policies from the Trump administration, and building relationships with a frustrated dealer network in the U.S. and across the Atlantic.

The next CEO is scheduled to be announced in the first half of 2025, Elkann said.

In 2023, Tavares saw his compensation soar by 56%, reaching a total of $39.47 million (€36.49 million). This increase came despite a challenging year for the company, during which shareholders voted against his compensation package. In contrast, the average employee at Stellantis earned around $71,800 (€66,000) in 2024, a decrease of 6% from the previous year. 

Tavares’ compensation was 350 times that of the average employee, highlighting the growing disparity between executive pay and the earnings of the company’s workforce.