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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.

Race Recap: 2014 Austrian Grand Prix is old-school front row, new-school racing

The last time Formula One raced in Spielberg, Austria the track was called the A1 Ring, Juan Pablo Montoya and Ralf Schumacher were the pilots for Williams, the field contained other not-so-venerable names like Ralph Firman and Justin Wilson and V10 engines were bolted to the bulkheads - the only Mercedes units being in the backs of the two McLarens, one of which was driven by Kimi Räikkönen, who finished second behind Michael Schumacher.
The return to an old-school Formula One track - now called the Red Bull Ring - after 11 years away put an old-school team on the front row, Felipe Massa in a Williams getting his first pole position since 2008, followed by teammate Valtteri Bottas. Behind them came Nico Rosberg in the first Mercedes AMG Petronas, Fernando Alonso in the Ferrari, Daniel Ricciardo for Infiniti Red Bull Racing, Kevin Magnussen for McLaren, Danil Kvyat in his Toro Rosso, Räikkönen in the second Ferrari, Lewis Hamilton in the second Mercedes way back in ninth - he'd spun on his final timed lap after having his previous effort disqualified for going wide at Turn 8 - Nico Hülkenberg in the Force India in tenth after opting not to set a time at all in Q3.
It's a shame the well of nostalgia wasn't deep enough to give us some proper old-school racing.

Drive covers the ups and downs of the Ferrari Testarossa

We don't know how we got here, but it's apparently Ferrari Testarossa season. Not even 90 days ago, Evo bossman Harry Metcalfe preached an ode to the eightiest Eighties exotic there ever was ("exotic," as opposed to supercars like the Ferrari F40 or Porsche 959). Only weeks ago, one of the white Testarossas from Miami Vice hit eBay for the outrageous Buy It Now price of $1.75M. Now we have Drive offering a five-minute video of John Pogson, an Englishman who's been restoring Ferraris for decades, discussing the ups and downs of a car that perhaps had the best shoulder pads of that whole decade. Pogson went to Italy to retrieve one of the first two Testarossas to reach to England, and promptly got in trouble with the factory for taking prospective customers to Silverstone for hot laps. Unlike other paeans, Pogson says it took him time to overcome misgivings about the red-headed classic, like how it wasn't very fast and would "run out of brakes" on the track, but he's come around to it. The video above is just a teaser for a longer Drive video behind a pay wall, so don't expect fireworks, but do expect some mighty exhaust noises. And since we're here celebrating, below we've included a MotorWeek Retro Review of the Testarossa from 1998, and another of Chris Harris driving a 1992 512TR. Harris likes it so much he says five words in the whole vid. And the coupe really does look better when you wear a white suit, even a horribly wrinkled one. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. News Source: Drive via YouTube Ferrari Coupe Luxury Performance Classics Videos chris harris drive ferrari testarossa