Carlos Tavares

Stellantis documents published after his departure reported total 2024 remuneration of approximately 23 million euros, plus approximately 2 million euros in severance and a further 10 million euros in bonuses to be paid in 2025 subject to performance conditions.

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Total remuneration awarded to Tavares for 2023 reached approximately 36.5 million euros, including a substantial conditional long-term component. The amount prompted renewed criticism as Stellantis continued reducing its workforce.

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The UAW accused Stellantis of failing to honour the timetable and spirit of several investment commitments made in the 2023 collective agreement, particularly at Belvidere, and launched grievance procedures and strike-authorisation votes.

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The sharp decline in Stellantis vehicle production in Italy, voluntary redundancy plans and questions over allocation of future models triggered a confrontation with the Italian government and demands for explanations before Parliament.

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The strategy of high prices and cost discipline implemented under Tavares contributed, according to dealers and analysts cited by Reuters, to alienating inflation-sensitive customers, inflating inventories and depressing sales of brands such as Ram and Jeep.

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Stellantis issued a major warning on its 2024 results, particularly because of weakness in North America, excessive inventories and corrective measures costing more than anticipated. Its shares came under heavy pressure and Tavares's strategy was called into question.

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Tavares left Stellantis with immediate effect after strategic differences with the board and principal shareholders widened, well before the end of his term.

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Stellantis placed its Belvidere plant in Illinois on inactive status, affecting more than a thousand employees, citing among other things the higher costs of the electric transition. The site subsequently became a central issue in negotiations with the UAW.

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A majority of 52.12% of Stellantis shareholders rejected the 2021 remuneration report amid controversy in France over Tavares's potential remuneration.

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A few months after acquiring Vauxhall, PSA first announced approximately 400 job cuts and then a further 250 at the Ellesmere Port plant, substantially reducing its workforce and production.

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PSA asked Opel employees to accept wage and productivity concessions in exchange for investment and allocation of new models. The plan envisaged approximately 3 700 voluntary job cuts and prompted a major dispute with IG Metall and concerns from the German government.

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PSA's financial recovery under Tavares involved rapid cost reductions and approximately 3 000 annual departures from French assembly lines, according to Reuters, primarily through voluntary schemes. This policy significantly improved margins but prompted criticism of the social cost of the turnaround.

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PSA acquired Opel and Vauxhall from General Motors with the aim of achieving a rapid turnaround and substantial synergies. Despite commitments to honour existing employment guarantees, unions, governments and analysts quickly feared job reductions and competition between factories.

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