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Executive pay these days is never stingy. And, yes, it’s true that the United Auto Workers contract deal with Stellantis last year got its members an immediate 11 percent pay hike and a 25 percent increase in base wages through 2028, but the pay package revealed this week for the automaker’s CEO was beyond astounding.
Carlos Tavares, the guy who runs the company that makes Chrysler, Jeep, Dodge, Ram and Fiat models, saw his total 2023 compensation rise a whopping 56 percent to €36.49 million ($39.5 million). Of that sum, Tavares received €23.47 million in cash and vested equity.
During contract negotiations last year, the UAW was highly critical of executive compensation, specifically how much Tavares, Mary Barra of General Motors and Jim Farley of Ford receive. Ford and GM haven’t yet revealed executive pay for 2023. Barra received $29 million in 2022, while Farley took home nearly $21 million.
In releasing Tavares’ compensation on Thursday, Stellantis said its employees earned an average of €70,404 in 2023, up 9.4 percent from 2022 – compared to its CEO’s 56 percent pay hike. Tavares total compensation was a staggering 518 times that of employees, and the ratio disparity was a significant increase from 2022.
(Photos courtesy of Stellantis)
