08:44 AM EDT, 06/06/2025 (MT Newswires) -- Stellantis' ( STLA ) incoming Chief Executive Officer Antonio Filosa will have an annual pay of at least $4 million in his first two years as CEO, increasing to up to $23 million annually from 2028, Reuters reported Friday, citing a document the automaker issued ahead of its July 18 extraordinary general meeting.

Filosa, who is set to become CEO on June 23, will receive a $1.8 million annual base pay, lower than the 2 million euros ($2.3 million) granted to his predecessor, Carlos Tavares, according to the report.

Aside from his starting pay, Filosa will also receive annual bonuses amounting to up to 400% of his base pay, based on the company's performance, the report said.

Depending on its performance, the company will also grant Filosa shares as long-term incentives, beginning from up to 500% of his salary this year and up to a 780% ceiling from 2027, according to the report.

Until the payment of the potential long-term incentives, Filosa will receive an annual cash award of $1.2 million from 2028, the report said.

Stellantis ( STLA ) didn't immediately respond to a request for comment from MT Newswires.

Shares were 1.6% higher in recent premarket activity.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)