Carlos Tavares has resigned as CEO of Stellantis, effective immediately. The resignation follows a difficult financial year for the world's fourth-largest automaker, formed from the merger of Fiat Chrysler and Peugeot S.A.
Tavares, who took the helm in 2021, was originally slated to lead the company until 2026. However, a press release cited differing views with the board and shareholders as the reason for his departure.
An interim executive committee chaired by John Elkann will lead Stellantis while a special committee searches for a new CEO, with an appointment expected by the end of the first half of 2025.
Stellantis reported a 48% decrease in net profit for the first half of 2024 compared to the same period in 2023. The company issued a profit warning in September, attributing the decline to competition from Chinese brands, investments in US operations, and supply chain challenges.
Stellantis owns 14 car brands, including Alfa Romeo, Chrysler, Citroën, Dodge, Jeep, Maserati, Peugeot, and Vauxhall.
