Here's how Stellantis CEO Antonio Filosa can earn up to $23 million annually
Stellantis' new CEO Antonio Filosa will earn at least $4 million annually in his first two years at the helm, rising to up to $23 million a year from 2028, including bonuses, a document showed, although his remuneration will be lower than predecessor Carlos Tavares.
Filosa officially becomes CEO of the owner of brands such as Chrysler, Peugeot and Jeep at the end of this month, tasked with turning around the carmaker's performance and recovering lost U.S. market share.
He will receive an annual base pay of $1.8 million, a company document issued ahead of a July 18 extraordinary general meeting showed, just below the $2.3 million granted to Tavares.
On top of his starting salary, Filosa will pocket annual bonuses worth up to 400% of his base pay, based on the achievement of financial and business plan objectives set out by the company.
Note to the next Stellantis CEO: Your first order of business, kill these 4 brands
Filosa, formerly Stellantis' North American chief, will also be granted shares as long-term incentives (LTI), based on the company's performance, starting from up to 500% of his salary this year and up to a maximum of 780% from 2027.
Until the potential LTIs are paid, in 2028, the company will provide the top manager a cash award of $1.2 million each year.
Tavares, who abruptly resigned as CEO last December due to disagreements with the board over strategy, pocketed a final $39.9 million compensation package, despite a dramatic plunge in sales and profit and broken relationships with suppliers, dealers and investors.
In 2023, when Stellantis reported record results, Tavares earned about $42 million.
Filosa will also benefit from the company's U.S. health care and retirement plans and tax equalization benefits, as well as having access to other fringe benefits such as the personal use of the company's aircraft and vehicles, personal security and annual medical checkups.
Filosa's term will be for five years, "to ensure leadership stability and maximize the ability of the company to respond effectively to profound and prolonged industry change," according to the document. Filosa will be appointed an executive board member at the July 18 EGM.
Tavares was also appointed CEO for five years but left after just under four years.
($1 = 0.8763 euros)
Reporting by Giulia Segreti and Giulio Piovaccari; Editing by Susan Fenton
This article originally appeared on Detroit Free Press: Here's how Stellantis CEO Antonio Filosa can earn up to $23M annually
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
USA Today
3 hours ago
- USA Today
Whole Foods' distributor hit with cyberattack; stores could see supply issues
Whole Foods' distributor hit with cyberattack; stores could see supply issues A major food distributor that supplies items to Whole Foods and other grocers was hit with a cyberattack that could impact supply at some stores. North American wholesale distributor United Natural Foods said Monday, June 9 that unauthorized activity in its systems forced it to take some of them offline. Forensics experts and law enforcement are both investigating, the company said in a statement. "We are assessing the unauthorized activity and working to restore our systems to safely bring them back online. As we work through this issue, our customers, suppliers, and associates are our highest priority. We are working closely with them to minimize disruption as much as possible," the statement reads. The company said in a filing with the Securities and Exchange Commission (SEC) that the incident "has temporarily impacted the company's ability to fulfill and distribute customer orders" since it was discovered by the company on Thursday, June 5. A Whole Foods spokesperson said the supermarket chain is working to restock its shelves as quickly as possible and said it apologies for any inconveniences to customers. One X user visiting a Whole Foods store said the shelves were empty, along with signs apologizing, adding "It reminds me of when the pandemic first hit." In a Reddit post, one user shared a picture of primarily empty refrigeration shelf with a paper sign attached. "We are experiencing a temporary out of stock issue for some products," the sign reads. "We apologize for the inconvenience and should have your favorite products back in stock soon." Cyberattacks threatening grocery, retail businesses nationwide Grocery and retail businesses across the U.S. and the U.K. have been subject to rising ransomware attacks, according to Keith Wojcieszek, the global head of threat intelligence for risk and financial firm Kroll. Data exfiltration and ransomware attacks have targeted the retail sector in an effort for bad actors to receive large monetary payouts, according to Kroll. Last month the firm tracked at least 16 ransomware posts targeting retail organizations through extortion efforts. "The biggest question right now is who's behind the chaos and disruption of these cyberattacks. Unfortunately, it's not an easy one to answer as hackers have become increasingly interchangeable and decentralized, without a clear organizational structure," Wojcieszek said in a statement to USA TODAY. Wojcieszek added that the retail sector is highly exposed to these attacks because of its reliance on digital systems. Other U.S. retailers have been targeted recently including Victoria's Secret temporarily shutting down its website due to a security threat and Adidas reportedly falling victim to a third party data breach.
Boston Globe
5 hours ago
- Boston Globe
Shoppers are wary of digital shelf labels, but a study found they don't lead to price surges
Social media is filled with warnings that grocers will use the technology to charge more for ice cream if it's hot outside, hike the price of umbrellas if it's raining or to gather information about customers. Advertisement Democratic US Senators Elizabeth Warren of Massachusetts and Bob Casey of Pennsylvania fired off a letter to Kroger last fall demanding to know whether it would use its electronic labels as part of a dynamic pricing strategy. Lawmakers in Rhode Island and Maine have introduced bills to limit the use of digital labels. In Arizona, Democratic state Representative Cesar Aguilar recently introduced a bill that would ban them altogether. A study published in late May found 'virtually no surge pricing' before or after electronic shelf labels were adopted. The study was authored by Ioannis Stamatopoulos of the University of Texas, Austin, Robert Evan Sanders of the University of California, San Diego and Robert Bray of Northwestern University The researchers looked at prices between 2019 and 2024 at an unnamed grocery chain that began using digital labels in October 2022. They found that temporary price increases affected 0.005 percent of products on any given day before electronic shelf labels were introduced, a share that increased by only 0.0006 percentage points after digital labels were installed. Advertisement The study also determined that discounts were slightly more common after digital labels were introduced. Economists have long wondered why grocery prices don't change more often, according to Stamatopoulos. If bananas are about to expire, for example, it makes sense to lower the price on them. He said the cost of having workers change prices by hand could be one issue. But there's another reason: Shoppers watch grocery prices closely, and stores don't want to risk angering them. 'Selling groceries is not selling a couch. It's not a one-time transaction and you will never see them again,' Stamatopoulos said. 'You want them coming to the store every week.' Electronic price labels aren't new. They've been in use for more than a decade at groceries in Europe and some US retailers, like Kohl's. But they've been slow to migrate to US grocery stores. Only around 5 percent to 10 percent of US supermarkets now have electronic labels, compared to 80 percent in Europe, said Amanda Oren, vice president of industry strategy for North American grocery at Relex Solutions, a technology company that helps retailers forecast demand. Oren said cost is one issue that has slowed the US rollout. The tiny screens cost between $5 and $20, Oren said, but every product a store sells needs one, and the average supermarket has 100,000 or more individual products. Advertisement Still, the US industry is charging ahead. Walmart, the nation's largest grocer and retailer, hopes to have digital price labels at 2,300 US stores by 2026. Kroger is expanding the use of digital labels this year after testing them at 20 stores. Whole Foods is testing the labels in nearly 50 stores. Companies say electronic price labels have tremendous advantages. Walmart says it used to take employees two days to change paper price labels on the 120,000 items it has in a typical store. With digital tags, it takes a few minutes. The labels can also be useful. Some have codes shoppers can scan to see recipes or nutrition information. Instacart has a system in thousands of US stores, including Aldi and Schnucks, that flashes a light on the digital tag when Instacart shoppers are nearby to help them find products. Ahold Delhaize's Albert Heijn supermarket chain in the Netherlands and Belgium has been testing an artificial intelligence-enabled tool since 2022 that marks down prices on its digital labels every 15 minutes for products nearing expiration. The system has reduced more than 250 tons of food waste annually, the company said. But Warren and Casey are skeptical. In their letter to Kroger, the US senators noted a partnership with Microsoft that planned to put cameras in grocery aisles and offer personalized deals to shoppers depending on their gender and age. In its response, Kroger said the prices shown on its digital labels were not connected to any sort of facial recognition technology. It also denied surging prices during periods of peak demand. 'Kroger's business model is built on a foundation of lowering prices to attract more customers,' the company said. Advertisement
Yahoo
6 hours ago
- Yahoo
Air Canada adds new flights to popular European destinations
Air Canada's inaugural flight from Montreal to Porto, Portugal, on June 4 has added to the air carrier's growing list of new and existing European destinations. 'We are delighted to be returning to Porto, marking our newest Europe route this summer and second destination in Portugal,' said Mark Galardo, executive vice–president and chief commercial officer and president, cargo. 'We design routes like this one to appeal to our customers throughout our North American network, with convenient travel options at our Montreal hub. A world heritage city and gateway to Portugal's northern region, Porto offers an array of history, culture, outdoor adventures and gastronomic experiences.' Air Canada's return to Porto complements its existing flights from Montreal and Toronto to Lisbon. Other new European routes announced for this summer include the launch of its Naples route in May and the return of the Ottawa to London LHR route in April. In addition, Air Canada recently launched its Toronto to Prague route, while the carrier's Montreal to Edinburgh route is set to launch at the end of the month. The Porto flights will be operated on Air Canada's Airbus 330-300. Customers can choose from three classes of service: economy, premium economy and Air Canada signature class, offering customers superior comfort and convenience in an exclusive cabin, with spacious lie-flat seating, personalized service, fine cuisine, extra baggage allowance and access to priority airport services.
