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

Europe

Stellantis paid the estate of former Fiat Chrysler boss Sergio Marchionne more last year than Carlos Tavares, the automaker’s current CEO.

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

The sum set aside for the estate of Marchionne, who died suddenly in 2018, included obligations from his employment contract and “legacy board payments” from when he was head of Fiat Chrysler Automobiles, according to the document released Feb. 25.

The annual report is the company’s first since it was formed from a merger between FCA and PSA Group more than a year ago.

Tavares spearheaded the combination and is under pressure to make good on pledges for 5 billion euros in synergies and an accelerated shift to electric vehicles.

Stellantis did not immediately respond to a request for comment.

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

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