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Stellantis CEO Carlos Tavares Resigns Immediately Amid Board Differences and Slumping Sales

Dec 1, 2024, 08:59 PM

Stellantis CEO Carlos Tavares has resigned with immediate effect due to divergences of views with the board, the company announced on Sunday. Tavares, who has led Stellantis since 2021, is stepping down more than a year earlier than planned, as he was expected to retire in early 2026. His departure comes amid slumping profits and weakened US sales, particularly affecting brands such as Jeep SUVs and Fiat cars. The board has accepted his resignation and established an interim executive committee chaired by John Elkann until a new CEO is appointed by mid-2025. Tavares' resignation follows a profit warning that shaved off 40% of the carmaker's value two months ago.