2023 was a positive year for Stellantis in terms of sales, earnings, and profits. The group’s CEO Carlos Tavares and Chairman John Elkann received compensation for the fiscal year 2023. Additionally, as announced last week, the company distributed a bonus of €2,112 to its employees, totaling €1.9 billion.
Stellantis reveals 2023 earnings for Carlos Tavares and John Elkann
Regarding the compensation of the group’s two leaders, John Elkann received a total of €4.8 million for the year, a decrease from €5.85 million in 2022. This compensation consists of a fixed portion, including a base salary of about €924,000 additional benefits of €684,000, and a variable portion, with long-term incentives valued at approximately €3.2 million, as reported in the company’s Annual Report.
For other board members, total compensation reached €216,927 and €62,644 for Andrea Agnelli. Carlos Tavares, however, will see an increase in his compensation package starting next year. In 2023, the Portuguese manager earned a base salary of €2 million, benefits of €634,000, long-term incentives of €26 million, and short-term incentives of €5.7 million, bringing his total compensation to €36.5 million.
Elkann spoke of 2023 as a year of new projects and significant milestones for Stellantis, highlighting the importance of the company’s mission to provide clean, safe, and accessible mobility. The resilience and dedication of Stellantis colleagues, led by Tavares, were crucial in achieving these goals.
Tavares highlighted the collaboration with Leapmotor, which involved an investment of €1.4 billion, acquiring about 21% of the capital. This investment gives Stellantis a leading role in supporting Leapmotor’s growth in China and global expansion opportunities through Leapmotor International.
Ferrari also recorded an increase in compensation for its executives in 2023. CEO Benedetto Vigna received €6.6 million, while Elkann, as chairman of Ferrari, obtained €2.39 million. Ferrari’s shareholding composition sees Exor as the main shareholder with a 24.65% capital share and 36.48% of voting rights, followed by Pietro Ferrari with 10.48% of the capital and 15.51% of voting rights, while BlackRock holds 6.07% of the capital.