A decision by PSA Peugeot Citroen to double its chairman's salary to €5 million has sparked angry debate in France, with Finance Minister Michel Sapin on Tuesday qualifying the raise as "harmful".
Carlos Tavares, the chairman of Europe's second biggest carmaker, earned €5.24 million ($5.8 million) in 2015, up from 2.75 million in 2014, company documents showed last week.
The company's supervisory board hailed Tavares for leading Peugeot through a restructuring process that moved it back into the black in 2015 with a net profit of €1.2 billion.
As criticism rose over the move, Sapin said the government, which has a 13-percent stake in the company, asked its representatives to vote against the salary increase. Full story...
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Carlos Tavares, the chairman of Europe's second biggest carmaker, earned €5.24 million ($5.8 million) in 2015, up from 2.75 million in 2014, company documents showed last week.
The company's supervisory board hailed Tavares for leading Peugeot through a restructuring process that moved it back into the black in 2015 with a net profit of €1.2 billion.
As criticism rose over the move, Sapin said the government, which has a 13-percent stake in the company, asked its representatives to vote against the salary increase. Full story...
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