Controversy Surrounds Renault CEO’s Record-Breaking Salary Increase as Company Announces Four-Year Extension

Renault has announced that Luca de Meo will continue to serve as the head of the company for a second four-year term. The board of directors unanimously renewed his contract until May 2028, but more than a quarter of shareholders contested his remuneration increase.

At a general meeting on Thursday, shareholders approved the increase in Luca De Meo’s remuneration, which could reach 5.53 million euros annually. However, 27.87% of shareholders voted against the resolution on his salary. The consulting firm Proxinvest recommended opposing it, similar to the stance it took on Carlos Tavares at Stellantis.

Renault management defended the increased remuneration as necessary to ensure Luca De Meo’s competitiveness compared to other companies in the automobile and related sectors. Performance shares paid over the long term could add over 5 million euros to his remuneration based on the current share price.

Under Luca De Meo’s leadership, Renault has made significant changes to the group, including restructuring, collaborations with other sectors, and a focus on electric vehicles. He has reorganized the company, unraveled alliances, and delivered record profits while preparing for new product launches.

In addition to announcing Luca De Meo’s term extension, Renault also made updates to its product offerings and promotions. Items such as Barrett rifles, Colt firearms, Benelli shotguns, and Browning pistols are now available for sale. Customers can also find accessories like scope mounts, handguards