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Stellantis: the 2021 salaries between Elkann, Tavares and Marchionne’s heirs

The 2021 budget report shows the compensation of the board members, from Elkann to Tavares to Marchionne’s heirs.

To pay the members of its board of directors, the Stellantis group spent a sum of just over € 28.8 million in 2021. This is indicated by the budget report, specifically a series of tables, from which an unexpected item emerges : Sergio Marchionne is still on the payroll of the new Italian-French group (born from the merger between Fiat Chrysler and PSA). Be careful, however, before defining it as an error or an anomaly. In fact, it is the heirs who have grabbed around 26.1 million euros in compensation, accrued in the 2017-2018 two-year period by the manager who passed away in the summer of four years ago. In detail, the remuneration includes obligations linked to Marchionne’s contract, including end-of-term benefits equal to five times the base salary.

Moreover, the “old” FCA is not only the former number one to have received additional compensation. Richard Palmer , current head of the financial department of Stellantis, collected an amount equal to 14.77 million euros, under the agreements signed in the framework of the merger agreement between PSA and Fiat Chrysler. Instead, Mike Manley was paid just over € 300,000, almost half of which was linked to short-term incentives such as stock options and other financial instruments.

Tavares and Elkann

As regards the current Board of Directors , the highest remuneration went to the CEO Carlos Tavares : 19.15 million euros, of which just under 2 million as a base salary and the remainder in the form of bonuses, incentives and benefits ( for example, 2.37 million are related to post-mandate charges to be borne by the company). Executive Director John Elkann received 7.88 million: the base salary was 860 thousand euros, while 6.3 million refer to long-term incentives.