Milan (Reuters) – The new director general of Stellantis Antonio Filosa will receive an annual salary of at least $ 4 million in the first two years of his mandate, and up to 23 million dollars (around 20 million euros) from 2028, inclusive bonus, according to a document also appearing a reduced remuneration compared to his predecessor.

Antonio Filosa will officially become at the end of the general director of the car manufacturer at the 14 brands – including Chrysler, Peugeot and Jeep – with the task of redressing the group’s trade and financial performance in the United States and Europe.

Its annual basic salary will be $ 1.8 million, according to documents published in anticipation of the extraordinary general meeting convened for its appointment, a little less than the two million granted to Carlos Tavares.

The annual bonuses of up to 400% of the basic salary will be added, depending on the achievement of financial and strategic objectives set by the group born from the merger between PSA and FCA.

A former boss of North American activities in Stellantis, Antonio Filosa will also receive performance actions as part of a long-term remuneration plan, based on the manufacturer’s performance, ranging from up to 500% of his salary this year to a maximum of 780% from 2027.

Until the payment of this variable remuneration, in 2028, Stellantis will pay its managing director $ 1.2 million per year.

Carlos Tavares brutally resigned from his post last December following disagreements with the board of directors on the strategy to follow.

He pocketed a final envelope of 35 million euros despite a spectacular fall in the Stellantis action and a deterioration in relations with suppliers, dealers and investors, who came to overshadow several years of success at PSA and after the birth of Stellantis.

Before the dark year of 2024, Carlos Tavares had earned 36.5 million euros in 2023, an exercise marked by record financial results.

Antonio Filosa will also benefit from the group’s health and retirement coverage in the United States, access to company vehicles as well as its transport by private aircraft and close safety.

The new CEO will undertake for a five -year term “in order to guarantee stability at the head of the group and maximize the company’s capacity to respond effectively to the deep and prolonged changes that the sector is experiencing”, according to the document prepared for the GA. He will also be appointed executive member of the Board of Directors to the General Assembly of July 18.

Carlos Tavares had also been appointed for five years at the head of Stellantis, but left his post after just under four years.

(Giulia Segreti and Giulio Piovaccari; Gilles Guillaume for the )

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