Stellantis CEO Tavares Resigns After Board Dispute

Stellantis NV (NYSE: STLA) Chief Executive Carlos Tavares has stepped down following a dispute with the board over how to arrest weakening sales and a stock slump, the company said on Sunday.

The maker of Jeep SUVs and Fiat cars will be managed by an interim committee led by Chairman John Elkann until a new CEO is named in the first half of 2025, Stellantis said in a statement confirming an earlier Bloomberg report.

Tavares’s departure comes earlier than his expected 2026 end of mandate. The CEO is leaving as his views on the carmaker’s future differed from those of the board and some shareholders, the company said.

“Stellantis’ success since its creation has been rooted in a perfect alignment between the reference shareholders, the Board and the CEO,” Stellantis’ Senior Independent Director, Henri de Castries, said. “However, in recent weeks different views have emerged which have resulted in the Board and the CEO coming to today’s decision.”

The 66-year-old executive, who led Stellantis since its formation in 2021 through the merger of PSA Group and Fiat Chrysler, had been trying to regain control after setbacks that led to slashed profit and cash flow expectations in September.

“He won’t be missed in North America,” Erik Gordon, professor at the University of Michigan’s Ross School of Business told Bloomberg. “Not by the suppliers he fought with. Not by the dealers he fought with. And not by car buyers who ignored his vehicles.”

The leadership change comes as global automakers confront a slumping market struggling with an economic slowdown in China, flagging demand for electric vehicles in Europe, and the threat of tariffs. Nissan Motor Co (TYO: 7201) Chief Financial Officer Stephen Ma is also set to step down, people with knowledge of the matter said.


Information for this story was found via Bloomberg, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Goliath Resources Hits 10.60 g/t Gold Over 22.82 Metres, Highest Grade Results In Third Distinct Rock Package At Surebet Discovery

Four Countries Control the Fertilizer That Feeds the World | Sage Potash

$10,000 Gold Is Just A Question of Time | Florian Grummes

Recommended

ESGold Outlines $24.3 Million NPV For Tailings Reprocessing Project

First Majestic Encounters 711 g/t Silver Equivalent Over 8.0 Metres In Ongoing Exploration At Los Gatos

Related News

Why Is Stellantis Investing $155 Million In An Argentinian Copper Miner?

Stellantis NV (NYSE: STLA) announced Monday a $155 million investment in an Argentina copper project...

Tuesday, February 28, 2023, 10:56:00 AM

Stellantis Halts Windsor Battery Plant Construction After Liberal Government Fails to Deliver Promised Funding

EV maker Stellantis has indefinitely halted construction at its $5 billion battery manufacturing site in...

Monday, May 15, 2023, 02:46:01 PM

Stellantis to Restore 1,500 Jobs at Shuttered Illinois Plant

Italian-American automaker Stellantis unveiled sweeping domestic investment plans Wednesday, pivoting toward US manufacturing operations just...

Thursday, January 23, 2025, 09:53:00 AM

Stellantis and CATL Commit €4.1 Billion to Spanish Lithium Battery Plant

Stellantis (NYSE: STLA) and Contemporary Amperex Technology Co., Limited (CATL) have announced a €4.1 billion...

Tuesday, December 10, 2024, 10:32:00 AM

Stellantis to Shift Some Production to US Amid Trump Tariff Concerns

Automaker Stellantis NV (NYSE: STLA) will relocate some of its manufacturing from Mexico to the...

Friday, May 2, 2025, 12:10:00 PM