Manager earnings 2023: Tavares, Della Porta and Prada top the list

The highest paid is Carlos Tavares, CEO of Stellantis, who earned EUR 23.47 million before tax in 2023. Second is Massimo Della Porta, chairman of Saes Getters, with 21.14 million. In third place, in perfect parity, the golden couple of fashion, Miuccia Prada and her husband Patrizio Bertelli, each earned 19.3 million. The 'pay watch' compiled by Il Sole 24 Ore with the earnings of managers of Italian listed companies certifies that 2023 was another golden year for managers' turbo salaries. The peaks are lower than the record of 2022, when the highest paid was the former CEO of Fca Mike Manley with 51.18 million, but the values are still stellar.

The number of millionaires has increased. There are 165 managers who have earned more than one million, 28 more than in 2022. Of these, 89 earned more than two million, up from 71 the previous year. The earnings of the top ten reached 167.65 million, compared to 231.2 million in 2022 and 197.4 million in 2021. There were 12 managers who earned more than ten million (14 in 2022); 30 earned more than five million (31 in 2022).

The 'pay watch' is based on the official documents published by the Italian companies listed on the stock exchange, including those that have moved their registered offices abroad, such as Stellantis, Ferrari, Exor, Cementir, Mfe, taking into account monetary compensation (fixed, bonuses or premiums of any kind, severance pay), the value of free shares at the time the right to receive the securities accrues, any capital gains from the exercise of stock options, regardless of whether the shares are sold. Excluded are 'non-monetary benefits', 'fringe benefits', such as health and pension insurance policies, use of cars, houses or planes paid for by the company. All figures are before taxes and contributions.

With 23.47 million, the Portuguese manager who heads the automotive group created by the merger between Fca and the French Psa increased his earnings by 57% compared to 14.92 million in 2022, when he was seventh. The main news is the leap of engineer Massimo Della Porta, chairman of Saes Getters, second with 21.14 million, thanks to a variable super-compensation of 20.22 million, largely made up of 19.6 million in 'asset plan accrued in 2023'. Saes Getters has not been listed since 9 July. Also rewarded was the CEO of the same company, Giulio Canale, who was seventh with a total of 15 million.

Paired, as every year, are Miuccia Prada and Patrizio Bertelli. Their salary has increased by 1.16 million compared to 2022, and is almost entirely composed of the fixed pay packet, the highest among Italian listed companies (19.27 million each). In addition to this, for both there are the rich dividends of the company they control, which is listed on the Hong Kong Stock Exchange. As of 26 January 2023 Prada and Bertelli no longer hold the position of group CEO, the baton has passed to Andrea Guerra, who earned almost 5.6 million, is 30th.