Categories: Automobile

Stellantis pays $29 million to property of late Fiat Chrysler boss Marchionne

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Stellantis paid the property of former Fiat Chrysler boss Sergio Marchionne extra final 12 months than Carlos Tavares, the automaker’s present CEO.

The Jeep, Ram and Peugeot maker paid Marchionne’s property 26 million euros ($29.1 million), in contrast with the 19.2 million-euro compensation for Tavares, Stellantis stated in its annual report.

The sum put aside for the property of Marchionne, who died suddenly in 2018, included obligations from his employment contract and “legacy board funds” from when he was head of Fiat Chrysler Cars, in accordance with the doc launched Feb. 25.

The annual report is the corporate’s first because it was fashioned from a merger between FCA and PSA Group greater than a 12 months in the past.

Tavares spearheaded the mix and is underneath stress to make good on pledges for five billion euros in synergies and an accelerated shift to electrical autos.

Stellantis didn’t instantly reply to a request for remark.

Tavares is scheduled to stipulate the corporate’s longer-term strategy on Tuesday in Amsterdam.

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