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MILAN -Stellantis shareholders on Tuesday approved the compensation paid to the carmaker's top management, including a package worth up to 36.5 million euros for CEO Carlos Tavares.Although Stellantis is one of the most profitable companies in the industry, the CEO's compensation has drawn criticism at a time when the Franco-Italian automaker is seeking to cut costs and reduce its labour force as part of its EV transition.
In a consultative-only vote, on Tuesday around 70% of Stellantis shareholders voted in favour of the 2023 executive remuneration report for senior managers at the annual general meeting of the world's fourth largest carmaker by sales. Proxy advisory firms Institutional Shareholder Services and Glass Lewis had both recommended that Stellantis shareholders vote against Tavares compensation for 2023.
It has also announced layoffs for 600 workers on time contracts in France and for 400 U.S. salaried employees in its engineering/technology and software organisations.
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