Stellantis, the car company formed from the merger of Fiat Chrysler and Peugeot S.A., has announced that its Chief Executive Officer, Carlos Tavares has resigned. The announcement comes following the company's rough financial year.
Tavares, who became CEO in 2021 after the merger, was supposed to head the company until 2026, however, the press release revealed that Tavares parted ways with the company due to having different views with the board and shareholders.
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Tavares' resignation which takes place with immediate effect has prompted Stellantis to set up an interim executive committee chaired by John Elkann until a special committee of the board tasked with appointing a new CEO finds one by the end of H1 2025.
According to a Wall Street Journal report, Stellantis revealed in July that its net profit for H1 2024 was reduced by 48% compared to the same period in 2023. Then in September, it issued a profit warning on its 2024 results attributing it to competition from Chinese brands, investments in its US operations, and supply chain issues.
Stellantis is the world's fourth largest automaker and it manufactures and sells cars under 14 brands including Alfa Romeo, Chrysler, Citroën, Dodge, Jeep, Maserati, Peugeot, and Vauxhall.
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Source(s)
Stellantis via The Verge