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Investing.com -- Stellantis (NYSE:STLA)’ new CEO, Antonio Filosa, is set to earn a minimum of $4 million per year in his initial two years, potentially rising to $23 million annually from 2028, inclusive of bonuses, as per a company document. Filosa’s remuneration, however, will be less than that of his predecessor, Carlos Tavares.
Filosa is set to officially take over as CEO of Stellantis, the parent company of brands such as Chrysler, Peugeot (OTC:PUGOY), and Jeep, at the end of June. His primary task will be to improve the carmaker’s performance and regain its lost U.S. market share.
The company document, released ahead of an extraordinary general meeting scheduled for July 18, revealed that Filosa will receive an annual base salary of $1.8 million. This figure is slightly less than the 2 million euros ($2.3 million) granted to former CEO Tavares.
In addition to his base salary, Filosa will receive annual bonuses worth up to 400% of his base pay, contingent on the achievement of financial and business plan objectives set by the company.
Filosa, who previously served as Stellantis’ North American chief, will also be granted shares as long-term incentives (LTI), based on the company’s performance. The LTIs will start from up to 500% of his salary this year and could reach a maximum of 780% from 2027.
Until the LTIs are paid out in 2028, Stellantis will provide Filosa with a yearly cash award of $1.2 million.
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