Stellantis CEO Carlos Tavares resigns from struggling carmaker

Carlos Tavares is stepping down as Chief Executive Officer of Stellantis, efficient instantly, following a pointy decline within the carmaker’s gross sales. As the Wall Street Journal notes, in July, the corporate reported that its web revenue for the primary half of the yr had dropped by 48 % in comparison with 2023.

The resignation comes over a yr sooner than Tavares’ deliberate retirement in early 2026. In an announcement, Stellantis senior unbiased director Henri de Castries mentioned that “totally different views have emerged” between Tavares and the Stellantis board of administrators in current weeks that drove the choice. A particular board committee headed by Stellantis chairman John Elkann will lead the corporate behind manufacturers like Jeep, Fiat, Ram, Dodge, and Chrysler till a brand new CEO is appointed “inside the first half of 2025.”

Tavares has led Stellantis because the firm was fashioned in 2021 following the merger of Fiat Chrysler and Peugeot SA. Now the fourth-largest automaker on the earth behind Toyota, Volkswagen, and Hyundai, Stellantis issued a revenue warning on its 2024 ends in September, citing widespread provide chain points and elevated competitors from Chinese car producers.

“Our thanks go to Carlos for his years of devoted service and the position he has performed within the creation of Stellantis, along with the earlier turnarounds of PSA and Opel, setting us on the trail to turning into a world chief in our business,” Elkann mentioned within the announcement. “I look ahead to working with our new Interim Executive Committee, supported by all our Stellantis colleagues, as we full the method of appointing our new CEO.”