Here's how Stellantis CEO Antonio Filosa can earn up to $23 million annually
Here's how Stellantis CEO Antonio Filosa can earn up to $23 million annually
Show Caption
Hide Caption
Stellantis: Major brands, global reach, challenges for automaker
Explore the history of Stellantis, the automotive giant formed in 2021 through the merger of Fiat Chrysler Automobiles and PSA Group.
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 million euros ($2.3 million) granted to his predecessor 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 35 million euro 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 a total of 36.5 million euros.
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
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
22 minutes ago
- Yahoo
NASCAR secures fourth manufacturer as Ram enters Truck series in 2026
The NASCAR Truck Series field will feature four manufacturers for the first time in over a decade next season with Ram entering the category, joining Chevrolet, Ford, and Toyota. This is a monumental decision that has been rumored for several months, but representatives from Ram and Stellantis finally confirmed it in a public unveiling at Michigan International Speedway on Sunday. Advertisement Speaking in a limited media availability that included NASCAR executive vice president and chief racing development officer John Probst said of the highly anticipated return: 'We are excited to welcome Ram back to the Truck Series, starting in 2026. I know this is something that we've been talking about for a long time, and it's something we don't get to do very often. I think the last time we did this was over 20 years ago when Toyota entered our sport. So this is something that is a big moment for our entire sport and our existing competitors, potential new competitors, our OEMs. 'When we work with our existing OEMs, they have made it loud and clear that they would welcome a new OEM into our sport with open arms. They've been very helpful in that process with Ram and some of the other OEMs we continue to talk with. As we've said before, something we do on the regular is talk not just with our existing OEMs but potential new ones.' Probst continued, outlining the advantages of having an additional manufacturer join the NASCAR Truck Series. 'We're excited to see the depth in the Truck garage grow even deeper with the support of Dodge coming in there. And I think something that is very clear is that they are going to come in here and do this very differently to the recent trend in the Truck Series. We look for them to really energize our fan base, particularly in the Truck Series next year. 'From the NASCAR side, I think this is proof positive of the strength NASCAR has when it comes to attracting those blue chip brands to come in and participate in our sport. So, we are very excited to welcome them back to the NASCAR family, and hopefully that creates a lot of momentum for us to have some more exciting announcements regarding OEMs in the future.' Advertisement Dodge has quite the history in NASCAR, but the brand chose to pull its factory support from all three national divisions ahead of the 2013 season. In the Truck Series, Dodge won the manufacturer's title with Ram in 2001, 2003 and 2004. However, Sunday's announcement does not include a planned return to the Cup Series. At this time, the plans only involve Ram in the Truck Series. understands that they are aiming to have up to four to six entries on the grid for the 2026 season-opener. There is no finalized partnership with an existing team, but should the field size increase as a result of Ram's entry, NASCAR has indicated that they are willing to consider increasing the current field size in Trucks. The Ram 1500 concept race truck unveiled at Michigan resembles a production truck, adopting elements from the Ram Sport Truck lineup (Warlock, Rebel and RHO) with some aerodynamic adjustments to fit NASCAR competition. While the new Ram body must undergo wind tunnel testing, NASCAR hopes to have it approved by August 15th. None of the existing OEMs are planning to update their bodies for the 2026 season. The Truck Series also utilizes spec NT1 engines provided by Ilmor for all manufacturers, removing a hurdle that exists in the higher two divisions. NASCAR hasn't had a new manufacturer enter the sport since Toyota — roughly two decades ago. They also entered the Truck Series first in 2004, before expanding into the Cup Series for the 2007 season. To read more articles visit our website.
NBC Sports
44 minutes ago
- NBC Sports
Ram returning to NASCAR Craftsman Truck Series in 2026
BROOKLYN, Mich. — Vowing to 'shake up the sport,' Ram will return to the NASCAR Craftsman Truck Series in 2026 and seek to pave the way for another brand within the Stellantis company to field cars in the Cup Series someday. This marks the return of the Ram in NASCAR since the manufacturer left the Truck Series after the 2012 season. Ford, Chevrolet, Toyota and Ram will compete in the Truck Series next year. Tim Kuniskis, CEO of Ram, said that his company plans to impact the sport in a way that creates a larger fan base and more avid fans through its product and at-track experience. 'Our objective is to take the 20 million (avid fans of NASCAR) and turn it into 80 or 100 million,' he said. 'We have a plan. We know how we're going to do it. We think we have a path to get to that. We think people are going to like the way we're doing it because it's going to be fun. Not ready to share all the details with you yet, but I told you that the experiential piece was going to be just a little bit of how we're doing it. It's going to get crazier from there.' Dustin Long, That included a Ram demonstration shortly before the start of Sunday's Cup race on the frontstretch at Michigan International Speedway. Fans watching on Prime saw a high-energy Ram commercial touting its return to NASCAR next year just before the start of the Cup race. 'We're setting the tone right there on how we're coming back to NASCAR and it's going to build from that moment all the way to Daytona (in 2026),' Kuniskis said. Kuniskis anticipates having four to six trucks at Daytona next February. He did not reveal any teams or drivers. Ram is expected to have the Ram body finalized and approved by mid-August after a wind tunnel test. John Probst, NASCAR senior vice president and chief racing development officer, called Ram's entry into the Truck Series a 'big moment' for NASCAR. This marks the first time a manufacturer has joined the Truck Series since Toyota did with the 2004 season. 'When we work with our (manufacturers), they have made it loud and clear that they would welcome a new (manufacturer) into our sport with open arms,' Probst said. 'They've been very helpful in that process with Ram and some of the other manufacturers we talk to.' But what about Cup? Ram is a Truck brand. 'We have cars in our company,' Kuniskis said, alluding to the Stellantis, which features 14 iconic automotive brands, including Dodge and Chrysler. 'We're excited that they have interest in the Cup Series,' Probst said of Stellantis. The process for any new Cup manufacturer features an 18-month submission process for its vehicle, engine and other parts, meaning the earliest a new manufacturer could join Cup would be 2027. Probst also hinted at additional interest from manufacturers in the Cup Series. 'I don't want to jinx ourselves, but I would say we are very close with one other (manufacturer),' Probst said. 'Can't speak for them. Obviously, it's their decision to make. We would love for them to decide to come into NASCAR. 'Even with that, there's one or two others that we're a little bit earlier in the discussions but also looking pretty positive, but we all know that a (manufacturer) deciding to come into NASCAR, it's a big commitment for them. It's not something that they take lightly. It requires a lot of research and approval at the highest levels. We're confident right now. We like the position we're in and think that we're a pretty good investment for a (manufacturer).'
New York Times
an hour ago
- New York Times
Ram to return to NASCAR Truck Series: ‘The way we're going to do it is unlike anyone else'
NASCAR will welcome a new manufacturer at the national level for the first time since 2007, as Stellantis announced Sunday it would begin competing in NASCAR's Truck Series through its Ram brand next year. The addition of Ram gives NASCAR four manufacturers participating in its third-tier Truck Series, joining Chevrolet, Ford and Toyota (all three of which also race in NASCAR's premier Cup Series and second-tier Xfinity Series). Ram's announcement marks a return for the brand, which competed in the Truck Series from 1995 through 2016 under the 'Dodge Ram' banner, winning three manufacturers' championships (2001, 2003 and 2004) and two driver championships. Advertisement 'The way we're going to do it is unlike anyone else,' Ram CEO Tim Kuniskis said. 'The reason that we've been out of NASCAR for 12 years is a very tough (return on investment); it is a very tough business decision to make. But when we say we're back, when we say nothing stops Ram, when we bring the Hemi (engine) back, when we bring some of the other stuff that we haven't shown you, it makes perfect sense to be back in the (NASCAR) space and back up we're saying. But again, we're going to do it differently than everybody else.' Ram did not reveal which team(s) it will support next year. The expectation is it will have multiple entries on the track when the 2026 season begins in February at Daytona International Speedway. 'I'm really flying with no parachute here,' Kuniskis said. 'We don't have a team. I got a truck. I got the intention. I'm writing a deal with NASCAR. I'm going to Daytona. How I'm going to actually do that? What's my team going to be? How I'm going to do it? I don't know. We're looking for a date to the prom right now.' Ram's return has created buzz that Stellantis is eying a bigger involvement in NASCAR, as it once did to great fanfare. Dodge previously competed in the Cup Series from 2001 to 2012, winning the driver championship with Brad Keselowski in its final year. It exited NASCAR due to financial difficulties at the corporate level and a lack of viable teams. After Dodge departed NASCAR, Stellantis purchased the company and later split Dodge and Ram into separate entities, with Dodge focused on production street cars and Ram on production trucks. Ram's reentry certainly opens the door for Dodge to return to the Cup Series. The last time Dodge raced in Cup, it first raced in the Truck Series before eventually expanding into NASCAR's premier series. Advertisement Kuniskis specifically noted plans to expand in the announcement. But Dodge's return to Cup likely won't occur before NASCAR finalizes and settles on a timeline to implement its next engine rules package. That rollout is expected to be a few years away, people with knowledge of the situation but not authorized to speak publicly told The Athletic. Until then, Kuniskis is focusing on Ram's re-debut next year. 'How am I going to get to Cup? That's going to depend on how I get to Truck,' Kuniskis said. 'So, however we get to Truck is going to obviously weigh heavily on 'do I have a path to Cup?' My intention is to not do a one-hit wonder and go to Truck and not Cup. That's not our plan.' Securing Ram's return (and potentially Dodge, too) is a coup for NASCAR, which has worked feverishly for a decade-plus to land a fourth manufacturer. Both league executives and those with Chevrolet, Ford and Toyota have spoken openly about their desire to have additional original equipment manufacturers (OEM) competing in the sport, believing it would further raise NASCAR's overall profile and increase on-track competitiveness. 'This is something that we have been talking about for a long time, and it's something that we don't get to do very often,' said John Probst, NASCAR executive vice president and chief racing development officer. 'This is something that is a big moment for our entire sport and our existing competitors, potential new competitors, our OEMs. It's certainly something that when we work with our existing OEMs, they have made it loud and clear that they would welcome a new OEM into our sport with open arms.' When Probst was asked what compelled Stellantis to return, he cited many reasons, including an increased interest in the sport that has been reflected in higher television ratings and other metrics, plus the introduction of a more standardized Cup car designed to limit costs and induce greater parity. Probst also said NASCAR is continuing to hold serious conversations with other manufacturers, expressing optimism that a fifth manufacturer will eventually sign on. Advertisement 'I think this is proof positive of the strength that NASCAR has when it comes to attracting those blue-chip brands to come in and participate in our sport,' Probst said. 'We are very excited to welcome them to the NASCAR family — or welcome them back to the NASCAR family. And hopefully that creates a lot of momentum for us to have some more exciting announcements regarding OEMs in the future.'
