Stellantis’ incoming CEO Antonio Filosa is set to earn up to $23 million annually by 2028, though his compensation package will initially be lower than that of outgoing chief Carlos Tavares, according to a company document released ahead of a July 18 extraordinary general meeting.
Filosa, who officially takes over leadership of the automaker at the end of June, will receive a base salary of $1.8 million and annual bonuses of up to 400% of that figure, contingent on meeting key business and financial targets. The executive, previously head of Stellantis’ North American operations, will also be granted long-term incentives tied to company performance, starting at up to 500% of his salary this year and increasing to a maximum of 780% from 2027.
To bridge the gap before long-term incentives begin in 2028, Stellantis will provide Filosa with an annual $1.2 million cash award.
The five-year contract aims to provide “leadership stability and maximize the ability of the company to respond effectively to profound and prolonged industry change,” the document noted. Filosa is expected to be formally appointed to the company’s executive board at the July 18 meeting.
Filosa will also have access to U.S. healthcare and retirement plans, tax equalisation, and additional fringe benefits, including personal use of company aircraft and vehicles, security services, and annual health check-ups.
Tavares, who stepped down in December following disagreements with the board over strategy, earned a €36.5 million ($39.4 million) compensation package in 2023, a year when Stellantis posted record results. Despite declining performance and strained relationships with key stakeholders, he was awarded a final payout of €35 million upon departure.
Filosa now faces the challenge of improving Stellantis’ performance, particularly in the U.S. market, where the company has seen a decline in market share.