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

Dec 1, 2024, 08:16 PM

Stellantis announced the immediate resignation of CEO Carlos Tavares due to 'divergences of views' with the board, more than a year before his planned retirement in 2025. The automaker, known for brands like Jeep, Fiat, Peugeot, Citroën, and Vauxhall, has been facing slumping profits and weakened U.S. sales as it transitions to electric vehicles. The resignation comes days after the closure of Vauxhall's Luton plant, where Tavares had criticized UK electric vehicle policies. An interim executive committee, chaired by Chairman John Elkann, will oversee operations until a new CEO is appointed. The company stated that the process to appoint a new CEO is well underway, with a replacement expected to be announced at the beginning of next year.