Carlos Tavares, the Portuguese executive who led Stellantis, will receive more than 60 million euros following his departure from the company. This sum includes salaries, bonuses, and compensation, as disclosed by the car manufacturer.
Tavares, who left Stellantis at the end of last year amid tensions with shareholders, remained one of the highest-paid executives in the automotive industry in 2024, earning a total of 23.08 million euros. Although this amount is substantial, it represents a decrease from the 36.4 million euros he earned in 2023, a year in which the group performed well before facing difficulties in 2024.
As CEO, Tavares' fixed salary remained at 2 million euros. He did not receive a short-term bonus (down from 5.7 million euros in 2023) but was awarded a long-term bonus of 20.5 million euros and a 500,000-euro contribution to his pension plan.
Stellantis' annual report reveals the terms of Tavares' contract termination agreement, which includes 2 million euros in severance pay (as per Dutch law) and an additional 10 million euros for fulfilling one of his executive goals.
In addition, Tavares will receive 800,000 Stellantis shares as a shareholder remuneration incentive and 1.27 million additional shares as part of a long-term incentive program. These share packages are valued at over 25 million euros based on current prices.
In total, the former Stellantis CEO will be compensated with 60.2 million euros upon his departure from the company.
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