Stellantis CEO Tavares’ 2022 pay fell 14% to $15.7 million

(Reuters) – Stellantis CEO Carlos Tavares’ 2022 pay fell 14% to 14.9 million euros ($15.71 million), the maker of Fiat, Ram and Peugeot (OTC:) vehicles said in a filing on Friday.

Tavares did not receive a retention bonus in 2022, compared with a bonus of about 2 million euros in 2021, the filing showed.

Stellantis reported profit that beat forecasts on Wednesday due to strong car prices and greater-than-expected merger benefits, but warned of pricing pressure as industry-wide supply chain problems ease.

Over 90% of Tavares’ pay came from variable components after the company posted industrial free cash flows of 10.8 billion euros last year, well above the maximum target of 8.1 billion euros. Stellantis also achieved cash synergies of 7.1 billion euros during the period, far exceeding the 5 billion euros by 2024 target.

The company announced a proposed share buyback program worth up to 1.5 billion euros for 2023 and said it will pay a dividend of 4.2 billion euros on its 2022 results, or 1.34 euros per share.

Last year, Tavares’ compensation of around 17.4 million euros drew an angry response from some trade unions, which urged politicians to take measures to cap executive salaries.

($1 = 0.9482 euros)