Carlos Tavarez resigns from his role as CEO of Stellantis
On Sunday, the automaker Stellantis announced the sudden resignation of its CEO, Carlos Tavarez. Stellantis, the fourth-largest automaker in the world announced that the brand and Tavarez will part ways with immediate effect and a new CEO will appointed in the first half of 2025.
Less than two months after the firm said that Tavares would retire at the expiration of his contract in early 2026, he resigned. Tavares' strategy came under fire when the carmaker issued a profit warning on its 2024 earnings in September due to declining North American sales. The announcement comes after Stellantis had a challenging year when the company's stock price fell by almost 50 percent.
When PSA Peugeot combined with Fiat Chrysler Automobiles in January 2021, Tavares became the leader of the Netherlands-based corporation, forming an automotive behemoth that now owns some well-known brands. The company's portfolio includes Dodge, Chrysler, Fiat, Peugeot, Maserati, Opel, Jeep, Citroen, and Ram.
For a while, Stellantis' North American operations were its primary source of revenue, but this year the business faced several challenges, claiming increased competition and broader market shifts.
Under the direction of a Special Committee of the Board, the process of selecting the new permanent CEO is well underway and is expected to be completed in the first half of 2025. A new meantime Executive Committee will be formed in the meantime, with John Elkann as its chair.
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