Stellantis CEO Tavares Says Retirement 'Option' For 2026
Date
10/3/2024 2:57:27 PM
(MENAFN- The Peninsula)
AFP
Sochaux, France: Stellantis CEO Carlos Tavares said Thursday he may retire in January 2026, at the end of his first mandate at the US-French-Italian auto group whose brands include Jeep, Fiat and Peugeot.
The company, which sharply lowered its 2024 profit outlook on Monday following a series of record quarterly earnings, launched a succession process in September.
"In 2026, the person sitting answering you will be 68 years old -- that's a reasonable age to retire. It's an option," Portugal-born Tavares told reporters at the historic Peugeot factory in Sochaux, eastern France.
"If you ask my wife she'll say that is a demand on her part. I am a good spouse," added Tavares, who contributed to the merger of the Peugeot-Citroen and Fiat-Chrysler groups in 2021.
A board meeting is due to address the succession subject later this month at the group's US headquarters in Auburn Hills, outside Detroit.
Stellantis said Monday it expected an adjusted operating income margin of 5.5 to 7.0 percent this year from a previously hoped for double-digit performance.
The group cited efforts to improve its US business as well as competition from Chinese automakers.
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