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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.

Vettel steals victory from Hamilton in Australian Grand Prix

MELBOURNE, March 25 – Sebastian Vettel made full use of the virtual safety car to sneak in front of Lewis Hamilton and hold off the frustrated champion to win Formula One's season-opening Australian Grand Prix on Sunday. The Mercedes engine's infamous 'party mode' that delivered Hamilton a blistering pole lap on Saturday could do little once Ferrari's Vettel nosed ahead when re-entering from pit-lane midway through the race at Albert Park. Pole-sitter Hamilton had appeared set to coast to victory with a clear pace advantage but the race turned on its head with the safety car, which was called after Romain Grosjean's Haas failed and rolled to a stop at turn two. In another bonus for Ferrari, Kimi Raikkonen finished third, fending off Red Bull's Daniel Ricciardo and leaving the unlucky Australian still searching for a first podium in his home race. "We got a bit lucky." Four-times world champion Vettel claimed a 48th overall win and his third in Melbourne following his victories at Albert Park last year and in 2011. "It was needless to say we got a bit lucky with the timing of the safety car," the German, who had started from third place and inherited the lead when Hamilton and Raikkonen had pitted earlier in the race, told reporters. "It's not the easiest track to pass." For Hamilton, the result was a bitter pill to swallow and had echoes of last year's race. Vettel also managed to re-enter in front of him from pit-lane in 2017 before burning away to victory while the pole-sitting Briton was blocked by traffic. Mercedes boss Toto Wolff said his team had miscalculated the margin between the cars during the safety car period. "We thought we had enough margin," he told the BBC. "It must have been a software bug in the system that caused us to get it wrong. We are digging deep now to understand where we had a problem." "I don't understand what's happened." Hamilton, who cockily spoke of "wiping the smile off" Vettel's face with his pole lap on Saturday, battled to keep positive. "Even now I don't understand what's happened," the 33-year-old told reporters. "I did everything I believe I was supposed to do." After the pit-lane setback, Hamilton drove hard to reel in Vettel and battled back after taking a slide at a corner that blew out the lead to nearly three seconds. But he finally waved the white flag in the closing laps to preserve the car for future races.

Ferrari Classiche brings priceless crashed 250 GTO back to life [w/video]

When a car is worth millions of dollars, you don't simply write it off when it's damaged – you have it painstakingly repaired. But when that car's worth tens of millions, there's hardly any expense to be spared in its restoration. So after a rare Ferrari 250 GTO crashed a couple of years ago during a special event, its owner (presumably at the behest of his insurance company) sent the damaged specimen back to the factory for a full restoration to its original condition. The Ferrari in question, GTO No. 3445, is owned by American collector Christopher Cox, who was driving it during a special tour in France organized for the legendary sports racer's 50th anniversary when he collided with another car – fortunately not another one of the GTOs on the road – inflicting significant damage on the highly coveted collector's item. That was two-and-a-half years ago, and shortly after the accident, Cox entrusted it to the Ferrari Classiche division, which is responsible for restoring classic Prancing Horses and certifying their authenticity. Now the repairs and restoration are complete, right down to the Swedish blue and yellow livery it was originally give in April 1963 by Ulf Norinder and the number 112 he gave it for the 1964 Targa Florio. Spending over two years restoring a single automobile may seem like overkill to most, but considering the $52 million said to have been paid the last time a GTO traded hands, and the $30 million spent on the one before that, suddenly two years doesn't seem like that long after all. Watch the reconditioned car undergoing its final, post-restoration shakedown around the Fiorano circuit in the video below. This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Lady in Blue A stunning 250 GTO is restored by the Classiche department Maranello, 28 November 2014 – One of the stars of the tracks of the 1960s was a Ferrari 250 GTO which has just emerged from a two-year-plus renovation at the Ferrari Classiche department, ready to return to its owner in America. During its stay in Maranello, the car was restored to the original engine and bodywork configuration in which it was delivered to Bologna-based publisher Luciano Conti in 1962. The latter also drove it in its maiden race, the Bologna-Passo della Raticosa. The Volpi era. In June 1962, however, Chassis no. 3445 was sold to Count Giovanni Volpi di Misurata, a passionate racing driver, who competed under the S.S.S.