Carlos Tavares is stepping down as Chief Executive Officer of Stellantis, effective immediately, following a sharp decline in the carmaker’s sales. As the Wall Street Journal notes, in July, the company reported that its net profit for the first half of the year had dropped by 48 percent compared to 2023.
The resignation comes over a year earlier than Tavares’ planned retirement in early 2026. In a statement, Stellantis senior independent director Henri de Castries said that “different views have emerged” between Tavares and the Stellantis board of directors in recent weeks that drove the decision. A special board committee headed by Stellantis chairman John Elkann will lead the company behind brands like Vauxhall, Jeep, Fiat, Dodge, and Chrysler until a new CEO is appointed “within the first half of 2025.”
Tavares has led Stellantis since the company was formed in 2021 following the merger of Fiat Chrysler and Peugeot SA. Now the fourth-largest automaker in the world behind Toyota, Volkswagen, and Hyundai, Stellantis issued a profit warning on its 2024 results in September, citing widespread supply chain issues and increased competition from Chinese vehicle manufacturers.
“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,” Elkann said in the announcement. “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.”
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