Pierre Gattaz, head of Medef, said Tuesday, March 29 that the remuneration of the executive of PSA Peugeot Citroën, Carlos Tavares, which almost doubled in 2015 and reached more than five million, had ” reward success “of its management. “We must congratulate Carlos Tavares the exceptional recovery he did PSA,” said Pierre Gattaz on France Info. In 2015, the CEO of PSA Peugeot Citroën has earned 5.24 million euros, almost double the previous year, according to documents released Friday.
Louis Welsh, Chairman of the PSA’s supervisory board, said meanwhile that the remuneration of executive Carlos Tavares PSA for 2015 was “not at all disproportionate” and that it was justified by the successful turnaround of the automaker. “His compensation may seem important to many people, I see, but it is not at all disproportionate” compared to other automakers and French CAC 40, said Louis Gallois told AFP.
“this is of course the effect of ‘Back in the race’ (note: restructuring plan led by Carlos Tavares) and the tremendous success of the turnaround, because it is why we must watch, “said the former head of the SNCF (1996-2006) and EADS (2007-2012). This recovery “much faster than expected”, “is still largely due to the action of Carlos Tavares and it is quite normal that his compensation benefits,” said Louis Gallois.
damaging to Michel Sapin
the state, which owns 13.68% of PSA, objected in vain to the increase of remuneration, confirmed Tuesday the finance minister Michel Sapin, then its intervention conducted jointly with China’s Dongfeng two years ago allowed the French automaker to avoid bankruptcy. “We wanted our representatives vote against,” said on France Inter Michel Sapin, confirming a report in Les Echos. “If we were in a company where the state has 30% or 40% or 50%” participation, “it would have blocked,” the minister added, regretting that the other shareholders have not adopted this position.
the CEO of PSA Peugeot Citroën, which the state is the largest shareholder alongside the Peugeot family and Dongfeng 14% participation, won last year’s 5.24 million euros, according to documents released Friday 25 March. This is double the earnings of the previous year, which had risen to nearly 2.75 million. This increase, “it is bad, everyone sees the good,” said Michel Sapin. “We are at a time when the effort is necessary, it must be about shared. I say almost because we are here on are so considerable that we end up not not even understand what it is. it’s in the millions and millions, “he said.
Julien Bayou, spokesperson of Europe Ecology-Greens (EELV) has said about him: “5.2 million, it is difficult to understand I made a simple calculation:. is 14,500 euros day (…) including Saturday and Sunday. Basically it is the minimum wage in the year, but by day. it has no justification whatsoever. none. he took no risks. if he is fired it will perhaps even a golden parachute. the money is the compensation the skill and risk. Here we are nowhere. we have laid off people, we could not reclassify or -called because there was no place to sort them. and now they demand efforts of employees. It is indecent. (…) I do not understand that either do not limit those fees while the state is a shareholder “
EUR 5.24 million in 2015
“This company (employs) still 150,000 people (realize) 55 billion turnover, was in trouble the last few years (…) was forced to lean against a Chinese shareholder, made five billion loss, “recalls Peter Gattaz . But Carlos Tavares” straightened in 18 months a flagship of French industry “a” company that was in distress, who was on the rocks “, according to e President of MEDEF , comparing the situation of PSA in early 2014 to that of a” cargo “adrift. “When there is success, it does not shock me that rewards success,” said the boss of bosses. “I believe that all employees (PSA) was rewarded with bonuses, profit sharing, “he said.
If saying” shocked “, Peter Gattaz wished success, work, and effort are rehabilitated France to end the “race to the bottom. They are heroes, “he felt about business leaders, saying that” entrepreneurs are people who take risks. “
Carlos Tavares was appointed to chair the the PSA with the mission to put the company on the path to profitability following a plan called “back in the race” ( “back in the race”) supposed to last until 2017. This plan s’ resulting in cost reductions through such efforts required for employees, simplification of lines and even sales (scooters, club FC Sochaux …).
(with AFP)
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