PARIS -- Renault will give its new CEO 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 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 paid, respectively, 900,000 euros, a maximum variable compensation of 125 percent and 50,000 shares.
Renault named de Meo as CEO at the end of last month, as the automaker looks to draw a line under a year of turmoil by finalizing a long-awaited management shake-up. He will start on July 1.
De Meo, 52, is the former head of Volkswagen Group's Seat brand. The Italian executive started his career at Renault and later worked at Toyota Europe and Fiat Chrysler, where he led the Alfa Romeo, Abarth and Fiat brands.