Stellantis CEO Carlos Tavares resigns from struggling carmaker

Carlos Tavares is stepping down arsenic Chief Executive Officer of Stellantis, effectual immediately, pursuing a crisp diminution successful the carmaker’s sales. As the Wall Street Journal notes, successful July, the institution reported that its nett net for the archetypal fractional of the twelvemonth had dropped by 48 percent compared to 2023.

The resignation comes implicit a twelvemonth earlier than Tavares’ planned status successful aboriginal 2026. In a statement, Stellantis elder autarkic manager Henri de Castries said that “different views person emerged” betwixt Tavares and the Stellantis committee of directors successful caller weeks that drove the decision. A peculiar committee committee headed by Stellantis president John Elkann volition pb the institution down brands similar Vauxhall, Jeep, Fiat, Dodge, and Chrysler until a caller CEO is appointed “within the archetypal fractional of 2025.”

Tavares has led Stellantis since the institution was formed successful 2021 pursuing the merger of Fiat Chrysler and Peugeot SA. Now the fourth-largest automaker successful the satellite down Toyota, Volkswagen, and Hyundai, Stellantis issued a nett informing connected its 2024 results successful September, citing wide proviso concatenation issues and accrued contention from Chinese conveyance manufacturers.

“Our acknowledgment spell to Carlos for his years of dedicated work and the relation helium has played successful the instauration of Stellantis, successful summation to the erstwhile turnarounds of PSA and Opel, mounting america connected the way to becoming a planetary person successful our industry,” Elkann said successful the announcement. “I look guardant to moving with our caller Interim Executive Committee, supported by each our Stellantis colleagues, arsenic we implicit the process of appointing our caller CEO.”