Since the announcement on December 1, 2024, by Stellantis regarding the departure of its CEO Carlos Tavares, one question has remained: the amount of the “check” the former head of Stellantis would receive. It is now official. The Franco-Italian-American multinational automotive group will pay €12,000,000 to Carlos Tavares as a severance package.
Carlos Tavares can look forward to his future with ease, as he will receive a total severance package of no less than €12,000,000. In detail, the remuneration of Carlos Tavares for the year 2024 was €23.1 million, representing a 37% salary decrease compared to 2023 (€36.5 million). These sums primarily include “variable” bonuses as well as others related to the financial results achieved by Stellantis. €10,000,000 in bonuses linked to the transformation of Stellantis, specifically the transition to 100% electric vehicles, and €2,000,000 in severance bonuses make up the €12,000,000 that Tavares will receive.
Since the departure of Carlos Tavares from Stellantis, it is John Elkann (pictured right above) who has taken over as president of a so-called “temporary” executive board. It is also worth noting that it was primarily the declining financial results that led Tavares to leave Stellantis suddenly at the end of last year. Among the car brands that are part of Stellantis are Peugeot, Citroën, DS Automobiles, Fiat, Jeep, Dodge, Lancia, Opel, to name a few.
Will the decisions made by Tavares at the time regarding electric cars be the right ones? Indeed, Carlos Tavares was behind the distribution of Chinese electric cars in Europe and elsewhere through the creation of the joint venture Leapmotor International, in which Stellantis holds a 51% stake.
Finally, with €12,000,000 in severance or total severance compensation attributed to Carlos Tavares, we are far from the €100,000,000 once mentioned by the Italian press and other economic experts. Nevertheless, €12,000,000 represents a “jackpot” for Tavares whose future may be linked to the airline TAP.
The editorial team
Photos: Stellantis
