New Renault CEO de Meo will be much better paid than predecessor

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© Reuters. New Renault CEO de Meo will be much better paid than predecessor© Reuters. New Renault CEO de Meo will be much better paid than predecessor

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.

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