Stellantis CEO Carlos Tavares resigns amid VM’s struggles
- December 3, 2024
- Posted by: Salih Tahir
- Categories: IBIS News, IBIS Newsletter
Stellantis CEO Carlos Tavares has resigned with immediate effect following a disagreement with the board over how to fix weakening sales and a sharp stock slump.
In a statement issued yesterday (Sunday, 1 December) Stellantis, which owns multiple brands sold in the UK including Peugeot, Fiat, Citroën and Vauxhall, said its board, under the chairmanship of John Elkann, has accepted Tavares’ resignation without offering an explanation of why he had stepped down.
Carlos Tavares resigns
However, Tavares came under strong criticism earlier this year after Stellantis issued a profit warning on its 2024 results.
The process to appoint a new permanent CEO is “well under way, managed by a special committee of the board, and will be concluded within the first half of 2025”, the statement continued. Until then, a new interim executive committee, chaired by Elkann, will be established.
Stellantis also confirmed the guidance it presented to the financial community on 31 October, in respect of its full year 2024 results.
Stellantis’ senior independent director, Henri de Castries, said: “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 [this] decision.”
Global leader
Elkann added as Carlos Tavares resigns:
“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. I look forward to working with our new interim executive committee, supported by all our Stellantis colleagues, as we complete the process of appointing our new CEO. Together we will ensure the continued deployment of the company’s strategy in the long-term interests of Stellantis and all of its stakeholders.”
Tavares led Stellantis, the world’s fourth largest carmaker by sales, since its creation in early 2021 when Fiat Chrysler and PSA merged. He had been expected to retire at the end of his tenure in early 2026.
