Stellantis remuneration: Elkann down, Tavares record: +55%. Ferrari, Vigna rises. How much do they earn?

The average salary of Stellantis employees was EUR 70,404, an increase of 9.4 per cent.

Among the group's performance figures, cited in the document in support of the remuneration policy, is the total return, the return to shareholders, from 2021: 104% against an average of 27% for the S&P500. Stellantis then stated that it led the industry in terms of financial performance in the first half of 2023.

The group's shares hit an all-time high on Friday in Milan: closing 1.57% higher at EUR 24.61, up 50% in the last six months. Capitalisation stands at over 74 billion. It was at 52.3 billion in 2021, the year Stellantis was created from the merger between Fiat Chrysler and Peugeot S.A.

During last autumn's strikes in the US, the United Auto Workers union had severely criticised the pay levels of the CEOs of General Motors, Ford and Stellantis.

Ford and GM have not yet released figures for 2023. But, to have a yardstick for comparison, in 2022 Mary Barra of GM received a total remuneration of $29 million, while Ford's boss,Jim Farley received almost $21 million. Not taking into account a world apart like Elon Musk and his billionaire remunerations, at Volkswagen Group, before Oliver Blume's arrival in September 2022, CEOHerbert Diess earned just over 10 million (2021), while in 2022 Mercedes-Benz's CEO, Ola Källenius, earned 6.1 million.

According to Elkann, 2023 'was a year marked by new projects and important milestones for Stellantis. Our mission to provide clean, safe and accessible freedom of mobility for all has never been more important, and the resilience of our colleagues, under the leadership of Carlos Tavares, has made the difference."

The latter echoed him: 'I often use the phrase "actions speak louder than words" and in 2023 we have redoubled our efforts on this mantra. We have once again demonstrated our ability to execute, innovate and transform into a sustainable mobility technology company, ready to exceed expectations'.

"There is no doubt that the huge transformation taking place now in our industry is an opportunity - not a threat - to shake up the status quo, redefine our destiny and prove that we have the best teams to face fierce competition. We have the people and the mentality, even if we are not always perfect. The Dare Forward 2030 Plan is our bold roadmap and on this path, despite all kinds of headwinds, we already have some incredible wins under our belt, creating value for our stakeholders."

The ceo also mentioned the new Chinese venture: 'This year we invested EUR 1.4 billion in Leapmotor , a manufacturer of original equipment for new energy vehicles, and we now hold about 21 per cent of the share capital, which gives us a leading role in supporting their promising growth in China and global expansion opportunities through the new joint venture Leapmotor International, which we will manage. We are actively addressing a gap in our business model and can now benefit from Leapmotor's competitiveness both in China and abroad'.

In 2023, according to the annual report of the Maranello-based company, which shares with Stellantis the shareholder Exor (holding company of the Agnelli-Elkann family), the Maranello carmaker's ceo, Benedetto Vigna, received total remuneration of €6.7 million, up from €4.99 million in 2022. The main items of remuneration are the annual salary (1.5 million), the variable part of remuneration (2.9 million) and the long-term incentive plan (1.99 million). The chairman John Elkann received from Ferrari a total remuneration of EUR 2.39 million (EUR 1.98 million in 2022). The main items consist of the annual remuneration (EUR 514,000), the variable part (EUR 985,000) and the long-term incentive plan (EUR 879,000).

As far as the shareholding structure is concerned, as of 9 February 2024, it appears that Exor has 24.65% of the capital (36.48% of the voting rights, they are 25.9% in Stellantis), the Pietro Ferrari trust has 10.48% (15.51% of the voting rights) and BlackRock has 6.07% of the capital. According to the annual report, these are the only three shareholders with more than 3% of the capital as of 9 February.