Stellantis CEO Carlos Tavares resigns with immediate effect

Personnel change Stellantis CEO Carlos Tavares resigns with immediate effect

2024-12-11 From Susanne Braun | Translated by AI 1 min Reading Time

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At the car manufacturer Stellantis, which produces brands like Peugeot, Jeep, Fiat, and Opel, a change has occurred in the leadership team: Chief Executive Officer Carlos Tavares has resigned with immediate effect. An Interim Executive Committee will take over the management.

The board and CEO could not agree, which is why Stellantis CEO Carlos Tavares is retiring.(Image: Stellantis) — The board and CEO could not agree, which is why Stellantis CEO Carlos Tavares is retiring.
(Image: Stellantis)

The autumn of restructurings and CEO changes seems to have fully arrived, at least the news of CEO departures in major companies in the electronics and automotive industries is increasing at the end of November and the beginning of December 2024. Intel's CEO Pat Gelsinger has left the company, Microchip's Managing Director Ganesh Moorthy stepped down at the end of November, and at the automaker Stellantis, the resignation of CEO Carlos Tavares was accepted with immediate effect on December 1. Tavares had probably planned to retire in 2026.

Stellantis manufactures passenger cars, vans, SUVs, and commercial vehicles from 14 well-known brands, such as Opel and Fiat, Jeep, Peugeot, Chrysler, Dodge, Maserati, and Abarth, and has recently focused on electrified and autonomous driving. Tavares had led the company since its founding in 2021, when the merger of Fiat Chrysler Automobiles and PSA Peugeot was completed. The promises Tavares made, such as double-digit operating margins per year, could not be fulfilled.

Disagreement in management

The reason behind the leadership change is attributed by Stellantis to differing views between the CEO and the board. According to media reports, they could not agree on how to deal with the weak sales figures and the decline in the stock. Demand for models from the Jeep and Ram brands has especially collapsed in the US market, prompting a profit warning in September 2024.

"The process for appointing a new Chief Executive Officer is in full swing and is being led by a special committee of the board. The process is expected to be completed in the first half of 2025. Until then, a new Interim Executive Committee chaired by John Elkann will be established," it is officially announced. (sb)

Microchip's production capacities are to be reduced, which is why it was decided to close Fab 2 in Tempe, Arizona. (Image:Microchip)

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