Carlos Tavares’ total compensation in 2023 was €36.49 million ($39.5 million) an increase of 56%, compared to €23.46 million he received in 2022.

Stellantis, the world’s third largest automaker, owns brands such as Chrysler and Fiat. It recently reported its full year 2023 results, citing record revenues and profit.

Net revenues grew 6% y-o-y to €189.5 billion, and net profit rose 11% to €18.6 billion.

Ford’s CEO, Jim Farley, and GM’s Mary Barra have not yet disclosed their pay for 2023. Last year, they had $21 million and $29 million respectively, Reuters reports.

In 2023, the Detroit Three automakers were hit with industrial strikes over labour negotiations.

At one stage, United Auto Workers (UAW) union president Shawn Fain binned Stellantis’ contract proposals, calling them “a slap in the face”.

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Last November, Stellantis reached a deal with the union.

UAW members voted to ratify the deal – which was also held with Ford – locking in the agreement with the Detroit Three automakers until the end of April 2028 which included a 25% increase in base wages and cumulatively raising the top wage by 33%, compounded with estimated cost of living adjustments to over US$42 an hour.