Stellantis, the maker of Chrysler, Jeep, Fiat, and Peugeot, among other brands, announced on Sunday that controversial CEO Carlos Tavares had resigned due to disagreements with the board, dismal sales, and calls for his removal.
Stellantis has experienced a significant drop in sales, a surplus of unsold vehicles on dealer lots, layoffs at several plants, and calls for his resignation from the United Auto Workers union, which represents its US workers. The company has also received harsh criticism from its US dealer council.
According to Stellantis’ senior independent director, Henri de Castries, Tavares and the Stellantis board of directors had “different views,” which led to his resignation.
Tavares, 66, is a Portuguese businessman who was instrumental in the merger of French automaker PSA Group, which owns Peugeot, and European-American automaker Fiat-Chrysler into the newly named Stellantis, the world’s fourth-largest automaker after Toyota, Volkswagen Group, and Hyundai Motor Group. Before the transaction, which was finalised in January 2021, he served as chairman of PSA Group. Tavares indicated earlier this year that he would retire when his contract expires in early 2026.
“The process of appointing the new permanent Chief Executive Officer is well underway, coordinated by a special committee of the Board, and will be completed in the first half of 2025.” Until then, a new interim executive committee, chaired by John Elkann, will be formed,” the company stated in a news release. The corporation stated in an email to CNN that it has no additional comment.
Source: EuroMetal
Tavares, 66, is a Portuguese businessman who was instrumental in the merger of French automaker PSA Group, which owns Peugeot, and European-American automaker Fiat-Chrysler into the newly named Stellantis, the world’s fourth-largest automaker after Toyota, Volkswagen Group, and Hyundai Motor Group.
Before the transaction, which was finalised in January 2021, he served as chairman of PSA Group. Tavares indicated earlier this year that he would retire when his contract expires in early 2026. The corporation stated in an email to CNN that it has no additional comment.
According to Edmunds, the average Stellantis vehicle in the United States will sell for $58,000 by the fourth quarter of 2023. While Stellantis’ US average price has fallen since then, it remains the industry’s second-highest average price, at slightly less than $55,000 in the third quarter.
