New Stellantis CEO Antonio Filosa Could Make Up to $23M / Year

Big changes are underway at Stellantis. According to Reuters, the company’s new CEO, Antonio Filosa, could earn up to $23 million (€21 million) per year by 2028—though that still falls well short of what his predecessor Carlos Tavares made.

Filosa officially takes over as CEO at the end of June. He’s stepping into a big role with big challenges, especially in North America, where Stellantis has lost a lot of ground to rivals. As the company’s former Chief Operations Officers (COO) of North America, Filosa is already familiar with the U.S. market and the need to win back customers, improve dealer relations, and stabilize operations.

His pay package is hefty, but broken down, it’s in line with industry norms:

• Base salary: $1.8 million (€1.65 million) per year

• Annual bonus: Up to 400% of base salary (as much as $7.2 million / €6.6 million), tied to financial and business performance

• Stock-based long-term incentives (LTI): Worth up to 500% of salary in 2024 and rising to 780% by 2027, depending on company performance

• Annual cash award until 2028: $1.2 million (€1.1 million) to bridge the gap before LTI payouts

Even with all the incentives, Filosa’s total compensation will be lower than what Tavares brought in. In 2023, Tavares earned €36.5 million (around $39 million)—a figure that drew major backlash, especially as the company faced strained relationships with suppliers, shrinking U.S. sales, and ongoing friction with union leaders. When Tavares stepped down late last year, he was still granted a €35 million ($37.5 million) exit package.

Filosa’s deal also includes plenty of executive perks like access to Stellantis’ U.S. healthcare and retirement plans, use of corporate jets and company vehicles, annual checkups, personal security, and tax equalization benefits. His term is set for five years, aimed at giving Stellantis long-term leadership during what the company calls a period of “profound and prolonged industry change.”

Filosa will be officially named to the Stellantis executive board during the Extraordinary General Meeting (EGM) on July 18th.

Source: Reuters