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

By REUTERS | 11 February 2020


PARIS: French carmaker Renault will grant its new chief executive, Luca de Meo (pic), a pay package of around €5.8 million (RM26mil), which is an increase of nearly 57% of what his predecessor was awarded last year.

According to company files released on Monday, de Meo, a former Volkswagen’s SEAT brand executive, will this year receive a fixed compensation of €1.3 million (RM5.9mil), an annual variable remuneration that can amount up to 150% of the fixed compensation and 75,000 Renault shares.

His predecessor, Thierry Bollore, was granted, respectively, €900,000 (RM4mil), a maximum variable compensation of 125 percent and 50,000 shares.

Renault named 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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