This post was originally published on this sitehttps://i-invdn-com.akamaized.net/news/LYNXMPED2F02P_M.jpg
PARIS (Reuters) – French carmaker Renault (PA:) will grant its new chief executive, Luca de Meo, a pay package of around 5.8 million euros ($6.33 million), which is an increase of nearly 57 percent of what his predecessor was awarded last year.
According to company files released on Monday, de Meo, a former Volkswagen’s (DE:) Seat brand executive, will this year receive a fixed compensation of 1.3 million euros, an annual variable remuneration that can amount up to 150 percent of the fixed compensation and 75,000 Renault shares.
His predecessor, Thierry Bollore, was granted, respectively, 900,000 euros, a maximum variable compensation of 125 percent and 50,000 shares.
Renault named Luca de Meo, who will start on July 1, at the end of last month, as the car maker looks to draw a line under a year of turmoil by finalizing a long-awaited management shake-up.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.