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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.

Marchionne threatens to move Alfa production out of Italy

Fiat CEO Sergio Marchionne was unsurprisingly frank when asked by reporters about potential investments in Italian manufacturing for Alfa Romeo and Maserati, giving the Italian government the ultimatum, "Italy should decide if they want [Alfa Romeo's relaunch] to happen here or not as Fiat and Chrysler have several alternatives." Them's fightin' words.
Fiat's issue with the government stems directly from its courtroom clashes with the Fiom labor union. The two are currently embroiled in proceedings over longer shifts and shorter breaks, as Fiom has so far refused to sign a new contract citing revised labor laws that it says are anti-union.
According to Bloomberg, Fiat will be spending over $2.5 billion on development of eight new Alfas and six new Maseratis, in a bid to wrest some of the luxury pie away from BMW, Mercedes-Benz and Audi. But that's only going to happen if the government is willing to play ball and make life easier on Fiat.

Alfa Romeo Giulia to get Ferrari-related engine

Alfa Romeo has a long, proud history of using V6 engines in its coupes, sedans, and sports cars over the years, but as the new Giulia sedan approaches, the Italian marque is allegedly turning to Ferrari for its next six-cylinder. This is obviously not the first time a Ferrari-sourced or derived engine has been found under an Alfa's long hood. While 8C Competizione famously used a version of Ferrari's F136 V8 during its short run, the Giulia's new V6 will be offered on a much larger scale, slotting in above an entry level, four-cylinder turbo (likely the next-gen version of the 4C sports car's 1.75-liter engine). According to Autocar, the new V6 will be "specially developed for Alfa Romeo," and will be built at the Termoli engine factory alongside the new turbo four-cylinder. As for the rest of the Giulia, Autocar has been able to shine a light on a number of other details about the new midsizer. It will, thankfully, be rear-wheel drive, and designed to counter the "mostly cold and clinical" and soulless cars of the German competition, Maserati chief Harald Wester told AC. Some of the new sedan's structural elements will even be shared with Maserati's entry level model, the Ghibli. Most notable of all, though, is what the Giulia means for American consumers. After the limited-run 8C and the niche 4C, the new sedan will lead Alfa Romeo's long-awaited, large-scale return, where it will combat the popular BMW 3 Series, Mercedes-Benz C-Class, Audi A4, not to mention rivals like the Cadillac ATS and Lexus IS. Look for more on the Giulia next week when it's officially revealed in Milan.