Macron, Le Pen decry ‘shocking’ Stellantis CEO pay

Apr 15, 2022, 9:28 AM | Updated: Apr 16, 2022, 2:58 pm

PARIS (AP) — French President Emmanuel Macron and his far-right challenger in the French presidential vote, Marine Le Pen, on Friday both decried as “shocking” the multimillion euro payout to the CEO of carmaker Stellantis.

Stellantis CEO Carlos Tavares’ remuneration package of 19.15 million euros just a year after the company was formed became an issue as Macron and Le Pen campaigned ahead of the April 24 runoff vote. Polls show purchasing power and inflation are a top voter concern.

Stellantis, formed last year through the merger of PSA Peugeot and Fiat Chrysler Automobiles, sought Friday to defend Tavares’ work in turning around the fortunes of the French carmaker — and his pay package.

Macron, a centrist perceived by many left-wing voters as being too pro-business, called the pay package “astronomical” and pushed for a Europe-wide effort to set ceilings on “abusive” executive pay.

“It’s shocking, it’s excessive,” he said Friday on broadcaster France-Info.

“People can’t have problems with purchasing power, difficulties, the anguish they’re living with, and see these sums. Otherwise, society will explode.”

Far-right leader Marine Le Pen, who enjoys support from many working-class voters, said: “Of course it’s shocking, and it’s even more shocking when it is the CEOs who have pushed their society into difficulty.”

“One of the ways to diminish this pay, which is often out of proportion with economic life, is perhaps to allow workers in as shareholders,” she said Friday on BFM television.

Stellantis continued to back the package despite a 52.1% to 47.9% vote rejecting it at an annual shareholders’ meeting chaired from the Netherlands, where the company is legally based, on Wednesday. The company, citing Dutch civil code, noted that the vote is advisory and not binding.

Stellantis said in a statement that it took note of the vote, and will explain in an upcoming 2022 remuneration report “how this vote has been taken into account.”

In a new statement Friday, the company outlined Tavares’ work in pulling PSA, owner of Peugeot and Citroen, out of “near bankruptcy.”

It said Stellantis’ success “made it possible to redistribute 1.9 billion euros to employees (+70% compared to 2020), i.e. as much as to shareholders.” It said Tavares’ pay is “lower for example than that of GM or Ford, and should be considered in view of the size and performance of the company he heads.”

In the 2021 report, the company identified peer group companies that it used as a salary benchmark, including U.S. companies like Boeing, Exxon Mobile, General Electric as well as carmakers Ford and General Motors.

Stellantis, whose brands include Peugeot, Fiat, Jeep, Opel and Maserati, reported net profits last year had tripled to 13.4 billion euros ($15.2 billion).

The French government is the third-largest shareholder in Stellantis, with a 6.15% stake through the Bpifrance Participations S.A. French public investment bank.

___

Barry reported from Milan.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

(Pixabay Photo)...

Associated Press

Oath Keeper from Arizona sentenced for role in Jan. 6 riot at US Capitol

Edward Vallejo, a U.S. Army veteran from Phoenix, oversaw a “Quick Reaction Force” at a Virginia hotel that was prepared to deploy an arsenal of weapons into Washington if needed, authorities say.

2 days ago

FILE - U.S. Border Patrol Chief Raul Ortiz listens during a news conference, Jan. 5, 2023, in Washi...

Associated Press

US Border Patrol chief is retiring after seeing through end of Title 42 immigration restrictions

The head of the U.S. Border Patrol announced Tuesday that he was retiring, after seeing through a major policy shift that seeks to clamp down on illegal crossings at the U.S.-Mexico border following the end of Title 42 pandemic restrictions.

3 days ago

FILE - President Joe Biden talks with House Speaker Kevin McCarthy of Calif., on the House steps as...

Associated Press

House OKs debt ceiling bill to avoid default, sends Biden-McCarthy deal to Senate

The House approved a debt ceiling and budget cuts package late Wednesday, as President Joe Biden and Speaker Kevin McCarthy assembled a bipartisan coalition of centrist Democrats and Republicans against fierce conservative blowback and progressive dissent.

3 days ago

Sean Bickings (Family Photo via city of Tempe)...

Associated Press

Family of man who drowned last year in Tempe Town Lake files wrongful death lawsuit

The family of a man who drowned in Tempe Town Lake a year ago filed a wrongful death lawsuit against the city Wednesday, noting that its police department doesn't have a policy requiring officers to go into the water to save someone.

3 days ago

(Mike Stocker/South Florida Sun-Sentinel via AP)Credit: ASSOCIATED PRESS...

Associated Press

Florida police search for 3 gunmen who wounded 9 at crowded beach on Memorial Day

Police are responding to a shooting near the beach broadwalk in Hollywood, Florida.

5 days ago

Crew members assemble the main stage ahead of the 2023 Scripps Nations Spelling Bee on Sunday, May ...

Associated Press

Exclusive secrets of the National Spelling Bee: Picking the words to identify a champion

As the final pre-competition meeting of the Scripps National Spelling Bee's word selection panel stretches into its seventh hour, the pronouncers no longer seem to care.

5 days ago

Sponsored Articles

...

Desert Institute for Spine Care

Spinal fusion surgery has come a long way, despite misconceptions

As Dr. Justin Field of the Desert Institute for Spine Care explained, “we've come a long way over the last couple of decades.”

...

re:vitalize

Why drug-free weight loss still matters

Wanting to lose weight is a common goal for many people as they progress throughout life, but choosing between a holistic approach or to take medicine can be a tough decision.

(Desert Institute for Spine Care in Arizona Photo)...

Desert Institute for Spine Care in Arizona

5 common causes for chronic neck pain

Neck pain can debilitate one’s daily routine, yet 80% of people experience it in their lives and 20%-50% deal with it annually.

Macron, Le Pen decry ‘shocking’ Stellantis CEO pay