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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.

Mercedes driver Lewis Hamilton buys LaFerrari

Lewis Hamilton has driven some of the fastest cars ever devised, like the McLaren MP4-23 with which he won the 2008 Formula One World Championship, the Mercedes W05 with which he won the title last year, and the new W06 he drove to the checkered flag in the season opener earlier this month. But what does he drive in his spare time? According to the latest reports quoting his boss Toto Wolff, the reigning champ celebrated his win at the Australian Grand Prix by ordering a new LaFerrari. The seven-figure, 950-horsepower hybrid hypercar may be made by a rival manufacturer to the team for which he drives, but then his employers at Mercedes don't (for the time being at least) build anything that competes in the segment – unlike his former employers at McLaren that offer the similarly potent P1. Something tells us he won't be invited to drive it at Fiorano, though - which is something his rivals Fernando Alonso, Kimi Raikkonen and Sebastian Vettel have all had the chance to do. Hamilton has a long-established penchant for driving twelve-cylinder exotic supercars in his spare time. At his previous place of work, he was promised an exceedingly rare McLaren F1 LM – valued at some $4 million – but only if he won three world titles for the Woking-based team. He also owns a Pagani Zonda that was made specifically for him with a 760-horsepower engine (supplied, naturally, by Mercedes) and a six-speed manual – complete with a clutch pedal, which (apart from starting off the line) is something he doesn't usually get to operate during working hours. Related Video:

Sebastian Vettel's 13-race losing streak reflects Ferrari's struggles

MONACO — Sebastian Vettel's barren spell with Ferrari stretches to a dismal 13 Formula One races without a win, dating back to the Belgian Grand Prix last August. The veteran driver still holds No. 1 status at Ferrari mainly because of his experience. At times this season he has been slower than Charles Leclerc, his young and highly-motivated colleague keen to make an impression in his first season with the team. When asked if Vettel's performances had fallen below expectations for a four-time world champion, team boss Mattia Binotto defended him and said the problems were not down to the 31-year-old German. "First we need a good car ... which is performing sufficiently well to win," Binotto said. "It may be frustrating for him, no doubt. But first it's our duty to give him (one) that he can perform well (in)." The car is apparently not an issue Ferrari had anticipated. After strong performances in pre-season testing, it was touted as the team to beat, and even five-time champion Lewis Hamilton — winner of the past two championships — said so. But Hamilton and Mercedes teammate Valtteri Bottas have won all five races this season while Ferrari has a measly three podium places. The team's last win was by Kimi Raikkonen at the United States GP last October, two months after Vettel's victory in Spa. While Mercedes is all about smooth running, Ferrari's car is blighted by a front suspension issue, a deficit in cornering speed and such basic trouble as getting enough heat into the tires quickly enough. Ferrari's passionate tifosi fans, who are waiting for a first drivers' title since Raikkonen in 2007, are not happy with the current standings. Vettel is fourth, nearly 50 points behind championship leader Hamilton, while Leclerc is fifth. "After winter testing our confidence in the performance was higher than today," Binotto said with an air of resignation. "There are a lot of points to recover." Binotto has been with Ferrari a long time and was promoted from chief technical officer to team principal in January. He took over the role from Maurizio Arrivabene after two frustrating years in which Ferrari blew the title race, due to a bizarre combination of panicky errors from Vettel and a string of baffling strategical and technical mistakes within the team. Now there are worrying echoes of 2016 — when Ferrari failed to win a single race and Mercedes crushed its rivals.