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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.

Ferrari design contest winner is sleek Manifesto concept [w/videos]

Ferrari asked students at a selection of top design schools around the world to submit their best ideas, and this is the one that a jury of people close to the company unanimously chose as the winner. It's called the Manifesto, and it was designed by six students at the ISD-Rubika in Valenciennes, France. The sleek design features a single line extending from the nose, rising between the arched fenders, over the greenhouse, and back to the tail. The rear wheels are spaced from the tapering greenhouse in a manner not unlike those on the Ford GT. There's a snorkel air scoop on the roof, thin strips for head- and taillights, and a split cockpit that opens with canopy-like clamshell doors. The striking shape is rendered in black with red highlights, and appears to be propelled by some manner of jet engine. The jury was made up of designers, engineers, collectors, and drivers – including Paolo Pininfarina, Sebastian Vettel, Nick Mason, and Jay Kay. Despite their varied backgrounds, Ferrari says their decision was unanimous in singling out the Manifesto as the clear-cut winner. They also made special mention of the FL, a futuristic cockpit layout designed by Roman Egorov – a Russian student at the Hochschule Pforzheim in Germany. The results from an online poll also awarded the popular Premio Speciale to the de Esfera designed by three students from Hongik University in Seoul, South Korea. Check out the winners in the gallery above and the videos below. You can also review all the entries in the supplemental gallery at bottom, and if you think the jury made the wrong call, share your thoughts in comments. 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. Presenting Manifesto – The Ferrari of the future Winners of Top Design School Challenge announced Maranello, 15 January – The Manifesto, the FL and the de Esfera are the three winning models in the third Top Design School Challenge, in which four prestige institutes submitted three designs each of the Ferraris of 2040. The jury comprised Ferrari exponents in the broadest sense of the term from designers to engineers, drivers and even famous collectors: Nicola Boari, Franco Cimatti, Aldo Colonnetti, Rodolfo Gaffino Rossi, Jay Kay, Flavio Manzoni, Nick Mason, Andrea Militello, Paolo Pininfarina and Sebastian Vettel.

Formula 1 seeking independent engine supplier

Formula 1 could get a new engine supplier in the near future, if Bernie Ecclestone and the independent teams gets their way. According to Autosport, the FIA is soon to open the contract up for bids, and there are already several manufacturers that have expressed interest. Currently Mercedes, Ferrari, Renault, and Honda supply engines – both to their own premier teams (Red Bull and McLaren for the latter two) but also to other teams like Williams, Sauber, and Toro Rosso. Because the new turbocharged V6 hybrid power units cost those four suppliers so much to develop, they're charging their customer teams big bucks – around $20-30 million per season – to provide the engines. These costs are much higher than the $10 million or so it used to cost to purchase a V8 engine under the previous regulations. Ecclestone figures it's time to bring in another supplier who will not run their own team and not play favorites, but will supply engines to private teams at a lower cost. There are already a number of potential suppliers under consideration. One of them is said to be Cosworth, which has a long history in the series stretching back to 1963. The British firm stepped back between 2007 and 2009, returned in 2010, and dropped out again after 2013. The development could be of particular benefit to Red Bull, which has been unable to find an engine supplier and could be forced out of the series as a result. The team has long been powered by Renault, but that relationship has grown sour. And the other three engine manufacturers have not been forthcoming in offering an alternative arrangement for the team. Related Video: News Source: AutosportImage Credit: Cosworth Motorsports Ferrari Honda Infiniti McLaren Mercedes-Benz Renault F1 engine contract