This past year, 2023, Carlo Tavares, who is currently still the number one CEO of Stellantis, made a significant amount of compensation. This is a figure that even exceeds several tens of millions of dollars. This figure, was deduced from the in-depth analysis of executive compensation of companies that are publicly traded, carried out by Il Sole 24 Ore. It is a figure that certainly highlights the great value brought to the company last year, when the automotive group grew a lot in the market.
Tavares’ total earnings figure
The total figure of Tavares‘ income for last year reaches about $25.3 million. The figure, as indicated by the Economic Newspaper, is inclusive of many pay items. This is because, in addition to the fixed compensation that Tavares earns, it also includes the various bonuses from the achievement of company goals, as well as other various rewards. Also included within it are allowances that are tied to termination of employment and the economic value of free shares awarded to the CEO. Additionally, there are also any capital gains that result from the exercise of stock options, regardless of the subsequent sale of the securities. Obviously, only cash values are mentioned in this statistic, so values such as use of company cars and other personal benefits are not counted.
The remuneration that was received by Carlos Tavares last year, was one of the highest when taking into account business executives from Italy. It was counted as a 57 percent increase compared to the previous year, which testified to the great effective contribution that enabled Stellantis to be dragged to the top of the world market. So the exponential growth seen by Stellantis caused tavares to surpass all his “peers” in terms of earnings.
Other corporate executives achieved mind-boggling figures
If we look in depth within Stellantis, we see that Chairman John Elkann also made high compensation, amounting to as much as $12.70 million, placing him in the No. 9 spot in the overall ranking of corporate executives. There are also other prominent corporate figures who have earned exorbitant sums, such as Massimo Della Porta, the chairman of Saes Getters, who collectively made as much as $22.84 million. Completing the podium in the overall ranking are Miuccia Prada and Patrizio Bertelli, each with compensation totaling $20.82 million.
Turning back to the winner of the estimate, Carlos Tavares, we can see that the estimate sees a rather articulated structure. In fact, in addition to a fixed compensation that amounts to $2.16 million, bonuses are also highlighted that are linked to short-term results in an amount that reaches $6.25 million and long-term incentives. The latter are aimed at business transformation, with a total value of $10.80 million. Finally, this is also compounded by post-mandate benefits that are expected to total about $2.10 million and the value of vested free shares that amount to $4.04 million. To summarize, in conclusion we can say that the analysis of Italian top executives’ compensation, particularly to that of Carlos Tavares, provides a snapshot view of the value attributed to the contribution of top executives to the growth and strong success of companies in general.