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Macron and Le Pen decry 'shocking' Stellantis CEO pay

PARIS — French President Emmanuel Macron and his far-right challenger in the French presidential vote, Marine Le Pen, on Friday both decried as “shocking” the multimillion euro payout to the CEO of carmaker Stellantis. Stellantis CEO Carlos TavaresÂ’ remuneration package of 19.15 million euros just a year after the company was formed became an issue as Macron and Le Pen campaigned ahead of the April 24 runoff vote. Polls show purchasing power and inflation are a top voter concern. Stellantis was formed last year through the merger of PSA Peugeot and Fiat Chrysler Automobiles. Centrist President Emmanuel Macron, perceived by many voters as being too pro-business, called the pay package “astronomical” and pushed for a Europe-wide effort to set ceilings on “abusive” executive pay. “ItÂ’s shocking, itÂ’s excessive,” he said Friday on broadcaster France-Info. “People canÂ’t have problems with purchasing power, difficulties, the anguish theyÂ’re living with, and see these sums. Otherwise, society will explode.” Far-right leader Marine Le Pen, who enjoys support from many working-class voters, called for bringing in more workers as shareholders. “Of course itÂ’s shocking, and itÂ’s even more shocking when it is the CEOs who have pushed their society into difficulty,” she said Friday on BFM television. “One of the ways to diminish this pay, which is often out of proportion with economic life, is perhaps to allow workers in as shareholders.” Stellantis continued to back the package despite a 52.1% to 47.9% vote rejecting it at an annual shareholders' meeting chaired from the Netherlands, where the company is legally based, on Wednesday. The company, citing Dutch civil code, noted that the vote is advisory and not binding. The company later said in a statement that it took note of the vote, and will explain in an upcoming 2022 remuneration report “how this vote has been taken into account.” In the 2021 report, the company identified peer group companies that it used as a salary benchmark, including U.S. companies like Boeing, Exxon Mobile, General Electric as well as carmakers Ford and General Motors. Stellantis, whose brands include Peugeot, Fiat, Jeep, Opel and Maserati, reported net profits last year had tripled to 13.4 billion euros ($15.2 billion). The French government is the third-largest shareholder in Stellantis, with a 6.15% stake through the Bpifrance Participations S.A. French public investment bank.

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Say goodbye to the Dodge Dart and Chrysler 200

Fiat-Chrysler CEO Sergio Marchionne outlined an update to the company's five-year business plan Wednesday, and among the changes, the Dodge Dart and Chrysler 200 sedans will soon be phased out. The company's presentation to investors states that the "market shift from cars to trucks and UVs [utility vehicles is] now seen as permanent shift in demand," and FCA wants to respond as quickly as possible. Killing the 200 and Dart will allow FCA to build more Jeep and Ram models at the Sterling Heights, MI, and Belvidere, IL, plants where the sedans were produced. We already knew FCA was planning to shift 200 and Dart production to Mexico, to free up the Sterling Heights facility for Ram 1500 production, and the Belivdere site for Jeep Cherokee output. The Cherokee will move from its current home in Toledo, OH, to allow for increased Wrangler production. It's no shock that FCA wants to shift its focus to crossovers and trucks. In December 2015, for example, combined sales of the Dodge Dart and Chrysler 200 were 15,310. The Jeep Cherokee, which uses the same platform as the Dart and 200, outsold both models combined, with 24,049 sales. Both the Dart and 200 had troubles from the beginning. Marchionne recently blamed designers for the 200 not receiving a Consumer Reports 'recommended' rating, and the Dart was one of the lowest-scoring cars in a CR reliability study. Featured Gallery 2013 Dodge Dart: Review View 27 Photos Related Gallery 2015 Chrysler 200 View 43 Photos Image Credit: Copyright 2016 Drew Phillips / AOL Chrysler Dodge Jeep RAM FCA confirmed