Carlos Tavares, the chief executive of Stellantis, has resigned from his position, the company announced on Sunday. The decision comes after Stellantis issued a profit warning earlier this year, citing slow sales and bloating inventories in the North American market. The board of directors accepted Tavares’ resignation and is now working to find a new CEO by the first half of 2025.
Tavares had been expected to retire in early 2026 but decided to step down earlier than planned. The process to appoint a new CEO is already underway, with a special committee managing the search. In the meantime, an interim executive committee led by Chairman John Elkann will be established.
Stellantis, the fourth largest carmaker in the world, was created in early 2021 through the merger of Fiat Chrysler and PSA. The company’s top investor is the Agnelli family, through their investment company Exor.
In addition to Tavares’ resignation, Stellantis recently announced plans to close its Vauxhall van factory in Luton, putting 1,100 jobs at risk. These developments highlight the challenges faced by the auto industry as it navigates changing market conditions and economic uncertainties.
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