Stellantis (STLA) is facing opposition from investors over its executive pay policies after awarding former CEO Carlos Tavares 23.1 million euros ($26.2 million) in 2024, Bloomberg News reported Tuesday, citing sources familiar with the matter.
Allianz Global Investors and proxy advisor Proxinvest urged shareholders to reject the remuneration report, which includes additional bonus and severance payments totaling 12 million euros this year, Bloomberg reported.
Proxinvest CEO Charles Pinel criticized the payout as unjustified, pointing to weak US sales, delayed model launches in Europe, and friction with unions and government officials.
Stellantis has yet to provide updated financial guidance amid an unpredictable US trade environment under President Donald Trump, the report said.
Chairman John Elkann is currently serving as interim CEO while the company looks for a permanent successor, following a sharp drop in North American vehicle shipments during Q1, Bloomberg reported.
Stellantis did not immediately respond to MT Newswires' request for comment.
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