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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.

Ferrari officially teases successor to Enzo throne

You're looking at our best view yet of the upcoming successor to the Ferrari Enzo. Rumors kicking around the web insist the new reigning monarch of the Italian kingdom will carry the "F150" name when it bows, otherwise known as the Special Limited Series. Word has it Ferrari has focused all of its experience in Formula One to create the new model. According to the manufacturer's official online magazine, the new ultracar will boast a carbon fiber monocoque chassis built in "an almost handmade style" using four types of the composite. We aren't sure exactly what that means, but the design should keep weight to a minimum.
Power should come courtesy of an 800 horsepower V12 engine married to a HY-KERS system good for an additional 100 hp. Early estimates say the creation will tip the scales at under 3,000 pounds, which means the vehicle will be a performance marvel. Sounds like a party.

James May's Ferrari 488 GTB road test makes us miss Top Gear

Whoever the BBC lines up for the next iteration of Top Gear, the reality with which we're coming to grips is that the show will likely never be the same. The question is whether the departing hosts will ever be the same without each other, and without the show that brought them together. This clip could go a long way towards answering that question, though. In this video review for the Driving section of the Sunday Times, James May joined the gaggles of gathering journalists in Maranello to check out the new Ferrari 488 GTB. And suffice it to say, it's not quite as entertaining (or even as well-informed) as most of the segments in which we've grown accustomed to seeing Captain Slow driving fast cars. James does have some rather relevant experience he might have imparted, though, seeing as how he didn't just drive the ultimate version of the preceding model – he went out and bought himself a 458 Speciale shortly before losing his job. So with GBP200k of car payments to make, we're hardly surprised to see him fronting for another operation. Whether it's worthy of him or not, you'll want to watch the clip to decide for yourself.