Stellantis CEO Carlos Tavares Resigns Effective Immediately; John Elkann to Chair Interim Committee

Dec 1, 2024, 08:00 PM

Carlos Tavares, the CEO of Stellantis NV, has resigned from his position, effective immediately, following a period of slumping profits and weakened U.S. sales for the automaker. Stellantis, known for brands like Jeep, Fiat, and Chrysler, confirmed Tavares' departure in a statement, noting that the process to appoint a new permanent CEO is already underway. The company has established an interim executive committee to be chaired by John Elkann, the Chairman of the Board, until a new CEO is appointed by mid-2025. Tavares' resignation comes amidst challenges in the automotive industry, particularly with Stellantis facing issues related to its 1.2 PureTech engines and strategic decisions like the closure of Vauxhall's Luton plant.