Stellantis CEO Carlos Tavares (pic above, left) yesterday resigned with immediate effect, way earlier than his scheduled 2026 retirement.
The company has begun the process of appointing his replacement, “to be concluded within the first half of 2025”. Until then, a new interim executive committee, headed by chairman John Elkann, will be established.
“Stellantis’ success since its creation has been rooted in a perfect alignment between the reference shareholders, the Board and the CEO. However, in recent weeks different views have emerged which have resulted in the Board and the CEO coming to today’s decision,” said Stellantis’ senior independent director Henri de Castries.
Born in Lisbon in 1958, Tavares started out in Renault where he spent three decades, with a five-year stint at Nissan in the middle. He became CEO and chairman of the PSA Group in 2014, and when the company merged with Fiat Chrysler Automobiles to form Stellantis in 2021, he became its first CEO.
“Our thanks go to Carlos for his years of dedicated service and the role he has played in the creation of Stellantis, in addition to the previous turnarounds of PSA and Opel, setting us on the path to becoming a global leader in our industry,” said Elkann.
Tavares’ resignation follows Stellantis’ declining North American sales, ballooning inventories and layoffs at some of its plants. In September, the company issued a profit warning on its 2024 results, including a forecast for a cash burn of up to 10 billion euros (RM47 billion).
https://paultan.org/2024/12/02/stellantis-ceo-carlos-tavares-resigns-abruptly/
