Carlos Tavares has resigned as CEO of Stellantis, effective immediately, after differences of opinion with key shareholders and management. The company confirmed his departure late on Sunday, stating that the process of finding a permanent replacement is underway and expected to be completed by the first half of 2025.
In the interim, Stellantis will be managed by a new executive committee led by Chairman John Elkann. The company has assured that its 2024 guidance remains unchanged, despite the leadership change.
Tavares’ resignation follows a period of growing tension within the company, with "different views" emerging between him and the board in recent weeks. Senior independent director Henri de Castrie remarked that the company's success had always depended on a strong alignment between shareholders, management, and the CEO, which was no longer the case.
Tavares had originally been scheduled to leave his role in 2026, but the escalating disagreements accelerated his exit. John Elkann expressed gratitude for Tavares’ significant contributions to the formation of Stellantis and his leadership in turning around PSA and Opel.
Bloomberg reports that weak financial results, particularly in North America, where Stellantis saw a 47% drop in sales in Q3, may have also played a role in the CEO's departure.
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