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 didn't immediately respond to a request for comment from MT Newswires.

Shares were 1.6% higher in recent premarket activity.

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