The automaker blames it on “different views” between its board and Tavares; Ferrari chair Elkann takes over as interim top exec
- Carlos Tavares, CEO of Stellantis, has abruptly resigned his position more than a year earlier than intended
- Stellantis said that “different views” between its board and CEO led to the decision
- Globally, Stellantis’ revenue dropped 27% in the third quarter of 2024, with North America falling by 42%
In a statement, Henri de Castries, the automaker’s senior independent director, said, “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.”
Regarding the resignation, a report from Reuters mentioned an unnamed source who said the Stellantis board thought Tavares was “moving too quickly and focusing on near-term solutions to save his reputation rather than working in the best interest of the company.”
The company’s revenues dropped by 27% in the third quarter of 2024. All regions except South America fell by double digits, with North American operations hit the hardest with a 42% drop, and Europe down by 12%. Globally, vehicle shipments fell by 20% in an effort to reduce unsold inventory at dealerships.
Born in Portugal, the 66-year-old Tavares joined Renault in 1981, rising through the ranks to senior roles at Renault and Nissan. In 2014, he left to head up PSA Group, formerly Peugeot Citroën, which he helped bring back to profitability. That company merged with FCA – Fiat Chrysler Automobiles – to form Stellantis in January 2021, headquartered in Amsterdam and with Tavares in charge of it.
The committee that will run Stellantis until a replacement is found is headed up by John Elkann, chairman of the automaker’s board of directors and in the same role at Ferrari. Others on the interim board include Antonio Filosa, chief operating officer of Stellantis North America and CEO of Jeep; and Doug Ostermann, Stellantis’ chief financial officer.
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