In France, where they care about things like “inequality,” there is about to have a presidential election. The holder, Emmanuel Macron, faces Marine Le Pen, ghost of the past far right. They disagree on a lot of things but apparently both agree that Stellantis CEO Carlos Tavares is overpaid.
Tavares Pay has been under intense scrutiny for daysmaybe because he runs Stellantis, the most dinosaur of the Big Three, although it’s more like the Big Two-And-A-Half now, since that includes GM and Ford and Stellantis but Stellantis is a lot of French brands and Italian, also.
Anyway, Tavares earned $20.5 million last year, according to Reutersplus an additional $34 million in stock, plus an additional $25 million in “long-term compensation,” all deemed too high by leading French presidential candidates a week and a half before the election.
“We are talking about astronomical sums here (…) we should cap them, it could work if we act at European level,” Emmanuel Macron told franceinfo radio.
“People can’t have purchasing power issues, difficulties and anxiety in their lives and see sums like that,” Macron said, adding that otherwise “society will explode.”
Le Pen echoed his comments.
“Of course, it’s shocking. It’s even more shocking when it’s a CEO who has put the company in difficulty and who receives considerable sums, ”she told BFM television, suggesting that One way to compensate for this compensation was to develop employee share ownership.
The company said in a statement that it does not comment on the positions of politicians and said the group had gone from near bankruptcy to leadership under Tavares’ leadership.
In America, it’s akin to if Joe Biden and Donald Trump both released statements saying that Elon Musk is entirely too rich, which of course will never happen because America’s goal is to get rich. Another world than Europe.