The company announced on Sunday that Carlos Tavares,
Its CEO had abruptly left the company due to growing “differences of opinion” between the board of directors and the executive.
On Sunday, the fourth-largest automaker in the world announced that Tavares’ resignation had been accepted by its board. His departure takes effect right now.
The hunt for a new CEO is “well underway,” according to Jeep manufacturer Stellantis, which anticipates wrapping up the process in the first part of next year. According to the corporation, a new interim executive committee led by chairman John Elkann would be formed in the interim.
Stellantis’ senior independent director, Henri de Castries, commented on the resignation.
“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,”
Tavares’ resignation comes less than two months after the company reported he would quit at the end of his agreement in early 2026. Stellantis conveyed his idea as it is planned to name a substitute by the fourth quarter of next year.
Tavares has led Stellantis from its creation through 2021. That is the merger between Fiat Chrysler Automobiles and PSA Groupe. From that time they have been on the board chair since 2014.
The seasoned auto veteran, a protégé of former Nissan boss Carlos Ghosn, has received a lot of praise lately for leading the merger and turning Stellantis into one of the most lucrative automakers in the world.
However, due to poor management of the U.S. market, which is its main source of revenue, a lack of investment in new or updated items, historically high prices, and drastic cost-cutting measures, the company’s financial performance this year has significantly fallen short of expectations.
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