Carlos Tavares was – until he was fired by the Stellantis Group – one of the highest-paid directors in the automotive industry. On average, he received DKK 734,000 per day.
The now fired Stellantis director, Carlos Tavares, earned an average of 734,000 Danish kroner per day during his years as manager.
He was removed from his position in December, even though his contract was not due to expire until 2026. Officially, however, it is stated that it happened 'by mutual agreement'.
Tavares had been a director since 2021, when Fiat-Chrysler Automobiles and Peugeot-Citroën merged.
Annual reports from Stellantis show that Tavares received significant amounts annually. In 2021, his total salary was 19,153,507 euros.
The following year, the amount increased to 23,459,006 euros. In 2023, his most profitable year, he earned 36,494,025 euros. In 2024, his salary was 23,085,718 euros.
In his four years as director, Tavares earned a total of 102,192,256 euros. His annual base salary was 1,986,290 euros in 2021 and 2,000,000 euros in the following three years. In total, Tavares had just under 800 million kroner deposited into his personal account.
The large difference between base salary and total salary is due to bonuses, pension plans and other employee benefits.
A severance and release agreement is also documented in the 2024 report. The agreement includes a payment of 2 million euros this year.
Tavares will also receive an additional 10 million euros this year. In January 2026, he will receive an additional 800,000 shares in the group. However, the value of the shares has already been included in the salary for 2024.
2024 was a difficult year for Stellantis. The company's net profit shrank by 70 percent and net revenue fell by 17 percent. Overall, management noted a sales decline of 12 percent.
2025 has begun with a sea of challenges for the company in the EU, Iceland, Liechtenstein, Norway, Switzerland and England.
Figures from the European Automobile Manufacturers Association, ACEA, show that Stellantis fell by 16 percent compared to January 2024. All brands except Alfa Romeo experienced declines.
The car company is currently looking for a new CEO. Stellantis expects to announce the name of Tavares' successor in the first half of the year.
The sudden firing of the director has, on the other hand, created internal unrest. Especially in the US, where brands like Dodge are now looking at how Tavares' decision to remove the V8 engine from the program can be reversed. Read more about it here .
