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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.

2018 Dodge Challenger SRT Demon First Drive | Don’t fear the Demon

"If you're not hurt, we'll be really pissed. If you are hurt, we'll still be pissed, but not quite as pissed." These are the words from Jim Wilder, the vehicle development manager of the 2018 Dodge Challenger SRT Demon, that echo through our head as we slide behind the wheel of the car for the first time. He was warning us about driving beyond our abilities, and keeping the car out of the wall. With 840 horsepower and 770 pound-feet of torque on tap from its supercharged, 6.7-liter V8, the Demon does 0-60 miles per hour in 2.3 seconds, and 0-30 mph in a second flat. If something does go wrong, it'll happen quickly. Following that talk, we had our guts sloshed as a passenger in a blurry eighth-mile run, giving us a taste of the G forces (the Demon can pull 1.8 G in a straight line) we'd feel when we got in the driver's seat for our own pass down the drag strip. We're already sweating. It had rained - you could describe it as torrential - the day before. The grassy parking areas surrounding Lucas Oil Raceway were still flooded, but any water on the pavement had evaporated and hung in the air. Combined with the heat, we were sticky and uncomfortable. In Drag Mode, the Dodge Demon's air conditioning turns off. Any condensation that it could leave on the track would be a problem, plus we need to reduce parasitic power losses for a faster run. The system is still working, though, the refrigerant diverted to the chiller system cooling the air coming into the engine. There's still condensation, but the Demon collects it on a catch pad to keep it from ending up on the pavement. We're also required to roll the windows up when entering the drag strip. For one thing, it helps keep the smoke out of the cabin during the pre-staging burnout. So, yeah, it's hot as Hell in the Demon. We pull through the water box and run through the sequence – which involves holding the "OK" button on the steering wheel usually used to navigate menus, and applying a specific amount of brake pressure before getting on the throttle to initiate the burnout. This gets any crud off the rear tires and heats up the rubber. There are multiple ways to launch the Demon. We had an instructor sitting in the passenger seat as we pulled up to the beams that trigger the Christmas tree at Lucas Oil Raceway. He walks us through the most complicated of the three he had explained to us just minutes before when we were in the passenger seat.

FCA's U.S. sales chief sues company for wrongful retaliation

Some fresh controversy is brewing at Fiat Chrysler Automobiles as The Detroit News reports that the head of U.S. sales has filed a federal whistleblower lawsuit against the company.. Reid Bigland, who's also in charge of the Ram truck brand, alleges that FCA made him a scapegoat for wrongful sales inflation practices and fixing vehicle sales statistics, which are currently under investigation by federal agents. Bigland claims that FCA executives punished him for cooperating with the federal investigators in the case by cutting his pay by more than 90 percent, according to the lawsuit he filed. The plan apparently was to use the money saved to pay for fines following any settlements made with the Securities and Exchange Commission. So far, the lawsuit alleges that FCA cost Bigland over $1.8 million in income. "They had the largest growth in retail sales in 17 years last year and refuses to pay him," Deborah Gordon, Bigland's lawyer in the case, said to The Detroit News. "Why is that? Because he participated in the SEC investigation and they don't like what he said." Bigland claims he just cooperated with the SEC investigation by testifying about FCA's sales reporting, from the time he took the position to the period prior to being appointed the company's U.S. sales chief. "In late 2018, presumably as a way to wrap up their investigation with some result, the SEC suggested to plaintiff that he admit to some wrongdoing as to defendants' monthly sales reporting," Gordon further said in a statement as part of the lawsuit. "The SEC also suggested a resolution involving some penalty to FCA. Because (Bigland) had not engaged in any wrongdoing, and there was no wrongdoing, he declined to do so." However, exacerbating the issue is the fact that Bigland reportedly sold his shares in the company last year, prompting FCA to act against him even more. FCA came under fire recently by federal agents in at least two separate investigations, potentially exposing conspiracy and corruption between company executives and private entities. The investigations are being led independently by the U.S. Attorney's Office and the FBI. So far, eight convictions were reportedly secured, with one including former Fiat Chrysler Automobiles Vice President Alphons Iacobelli, as one of the defendants. Iacobelli was one of the former top labor-relations executives for the automaker.