Stellantis considering investing Billions in Mexico to produce EVs

Stellantis continues layoffs as CEO gets remuneration pay package

Credit: Stellantis

Stellantis recently announced that it will continue to lay off workers at its Mirafiori plant in Europe. Meanwhile, shareholders approved Stellantis CEO Carlos Tavares’s 2023 remuneration pay package. 

The legacy automaker stated that layoffs at its Mirafiori plant would continue until May 6, 2024. The company’s job cuts have received criticisms from local unions. 

“This latest request for cast effectively demonstrates that we are right as unions to request news models to be produced and that without them, the only certain thing is the continued use of social safety nets.

“Unfortunately, Tavares didn’t say anything the other day about the new products. This is why it is necessary to open a real negotiation at Palazzo Chigi with the government, Stellantis, and the unions, which puts Mirafiori at the center but also asks about the other Italian factories, under penalty of losing the car in our country,” said Secretary-General Edi Lazzi of the Fiom-Cgil of Turin and Gianni Mannori. 

Last week, Tavares denied rumors that Stellantis planned to move production lines out of Italy. He argued that tough decisions needed to be made so the company could compete with Chinese electric vehicles. The Stellantis CEO added that the company had plans to invest more in Italy despite rumors that it was going to countries where production would be cheaper.

The company’s ongoing job cuts have caused criticism especially since Steallantis shareholders recently approved CEO Tavares’ bumper 2023 pay package. The Stellantis CEO’s remuneration pay package increased 56% to €36. 6 million ($38.8 million). It also includes €13 million long-term incentives from specific performance targets. 

When asked about the criticism Tavares said: “Ninety percent of my salary is determined by the results of the company, so this proves that the company’s results are apparently not too bad.”

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Stellantis continues layoffs as CEO gets remuneration pay package
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