Motor Trader The award-winning and longest running UK magazine for car retailing professionals. Your first stop for News, Jobs and Reports for the motor industry.
Stellantis CEO Carlos Tavares has resigned from the company due to a boardroom bust-up over strategy.
Stellantis yesterday confirmed that its board of directors had accepted Carlos Tavares’ resignation with immediate effect.
Tavares, who built Stellantis in the fourth largest carmaker in the world, was under increasing pressure due to falling profitability in 2024 with shrinking sales in Europe and the US.
Stellantis had announced in September its succession strategy with Tavares expected to stay in the job until early 2026.
The company said the process to appoint the new permanent CEO was “well underway” and wil be wrapped up in the first half of 2025.
Stellantis confirms the guidance it presented to the financial community on October 31, 2024, in respect of its full year 2024 results.
Stellantis’ Senior Independent Director, Henri de Castries, commented: “Stellantis’ success since its creation has been rooted in a perfect alignment between the reference shareholders, the Board and the CEO.
“However, in recent weeks different views have emerged which have resulted in the Board and the CEO coming to today’s decision.”
John Elkann said: “Our thanks go to Carlos for his years of dedicated service and the role he has played in the creation of Stellantis, in addition to the previous turnarounds of PSA and Opel, setting us on the path to becoming a global leader in our industry. I look forward to working with our new Interim Executive Committee, supported by all our Stellantis colleagues, as we complete the process of appointing our new CEO.
Together we will ensure the continued deployment of the Company’s strategy in the long-term interests of Stellantis and all of its stakeholders.”