Stellantis CEO Carlos Tavares announces resignation
Date
12/2/2024 3:20:01 AM
(MENAFN) Carlos Tavares, the CEO of Stellantis, the world’s fourth-largest carmaker, unexpectedly announced his resignation on Sunday. The decision took the industry by surprise, and the company has already begun searching for a new CEO, with an appointment expected by the first half of 2025. In the interim, Stellantis will establish a new executive committee led by Chairman John Elkann.
The announcement came with a statement from the company, noting that the success of Stellantis has been built on strong alignment between its reference shareholders, the Board, and the CEO. However, recent weeks saw the emergence of differing views between Tavares and the board, leading to the decision for his resignation. Senior Independent Director Henri de Castries remarked that this decision was a result of these differences.
Tavares had previously confirmed his retirement in October, with his contract set to end in early 2026. However, the timing of his departure was moved up unexpectedly. Stellantis, which was formed in 2021 by merging Fiat Chrysler Automobiles and the PSA Group, has its headquarters in the Netherlands and operates 14 automotive brands globally.
Under Tavares’ leadership, Stellantis became a significant player in the automotive industry, ranking fourth globally in sales last year. The company’s future will now depend on the new leadership as it navigates a rapidly changing automotive landscape.
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