The gap between the remuneration of car CEOs compared to that of their employees is growing dramatically. It should be specified that these are gross salaries with a fixed quota and a variable based on the results
Corrado Canali
July 12
– Milan
Ok, the comparison will be impossible, but the figures involved are text. If Adriano Olivetti with the innovative vision that made him one of the most enlightened managers of the last century, argued that no manager, not even the highest in rank, had to earn more than ten times the amount of the lowest salary of one of his employees. , his statement no longer seems realistic if set in today’s context where the remuneration of a manager is made up of the basic salary and is almost always added to by variable parts such as bonuses linked to the results obtained to which are often added to a significant extent stock optionor packages of shares, or severance pay bonuses.
the growth of the gap
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There is no doubt that in recent years the difference has increased to truly exponential levels. Let’s take the example of the salary of Sergio Marchionne, the late manager who transformed Fiat from an Italian group to an international player as FCA resulting from the merger with the Americans of Chrysler. His last salary was 9.7 million euros, 437 times that of a metalworker. A record that today belongs to the CEO of Stellantis Carlos Tavares, the CEO of the group resulting from the merger between FCA and PSA.
the remuneration of tavares
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Although linked to the exceptional results obtained, equal to + 14% of revenues, the 19.1 million euro fee of Carlos Tavares in 2021 has created criticism of the Portuguese manager both by the French state with a share of the PSA and by the association. of the shareholders at the time of his appointment. Tavares is the highest paid among European car managers since he takes double the CEO of the Volkswagen group Herbert Diess stopped, so to speak, at 8 million euros, but also of Ola Kallenius, the top manager of Mercedes who earns 5 , 9 million euros and Oliver Zipse, the CEO of BMW who receives a total of 5.3 million euros.
the exception of elon musk
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If the CEO of the Renault group, the Italian Luca de Meo, is satisfied with 4.7 million euros, the same as his predecessor Carlos Ghons who had reduced his salary by 30% under pressure from the French state, the main shareholder of the Regie. The exception is the choice of Tesla’s CEO, Elon Musk, considered the richest man in the world, but who has a very minimal salary, equal to just $ 23,760, despite having closed 2021 with an estimated assets of 270 billion dollars. 117 more than in 2020. A limit threshold should prevail.
the demands of france
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If the French have asked for more regulations in Europe in this regard, Switzerland has already banned by law both welcome bonuses and bonuses, as well as compensation for the purchases of companies by competitors, since 2013. As if to say that the sense of the limit should ultimately prevail to curb the gap between those who contribute with their work to the well-being of the company, even if only for the part that belongs to them. It will not be easy, but it is true that no one can do everything and even the last in the chain is useful to the cause, including managers.
July 12, 2022 – 08:14
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