[Auto] Stellantis CEO Carlos Tavares Has Abruptly Resigned

[TheWild ™]

 

Stellantis CEO Carlos Tavares has resigned effective immediately.

An executive committee will run the company before selecting a new CEO in the first half of 2025.

The move is a departure from Tavares' previous announcement that he would retire when his contract expires in 2o26.

Stellantis CEO Carlos Tavares resigned effective immediately on Sunday, according to a new report from Reuters. The company announced it is searching for a new CEO and hopes to complete the search in the first half of 2025.

An interim executive committee will run the company until a new CEO is chosen. Stellantis Chairman John Elkann will reportedly head the committee. Senior Independent Director Henri de Castries said in an official statement from the company that a difference in opinions between major shareholders, the board, and Tavares came to a head in recent weeks, resulting in the CEO submitting his resignation

 

The abrupt departure comes two months after Tavares announced he would leave the company when his contract expires in 2026. Tavares served as the first CEO of the automotive conglomerate, having stepped in to fill the role following the 2021 merger between Fiat Chrysler Automobiles and Groupe PSA. Prior to his role at Stellantis, Tavares headed Groupe PSA where he made sweeping changes such as the purchase of Opel and Vauxhall from General Motors in 2017.

The change is being made as Stellantis continues to struggle with global sales. Sales were down 17 percent across the company's six brands through the third quarter of 2024. As something of a last-ditch effort, Tavares previously suggested the brand could kill off brands in North America such as Alfa Romeo or Fiat, which have sales figures demonstrably smaller than the conglomerate's larger brands. The idea appears to be unpo[CENSORED]r on the company's board, according to Reuters, as a source familiar with the situation said that tensions on the board grew when members felt Tavares was moving too quickly and focusing on near-term solutions to save his reputation rather than focusing on the long-term health of the company.

https://www.caranddriver.com/news/a63068400/stellantis-ceo-carlos-tavares-resigns/