Car-making giant Stellantis CEO Carlos Tavares resigns abruptly from his position after having differences with the board of directors.
According to BBC, two months after the automobile company issued a profit warning and announced plans to close the Vauxhall van-making factory, Tavares abruptly resigned from his position on Sunday, December 1, 2024.
Henri de Castries, senior independent director of Stellantis, said in a release announcing the departure of Tavares, “In recent weeks different views have emerged that have resulted in the board and the CEO coming to today’s decision."
“Stellantis’ success since its creation has been rooted in a perfect alignment between the reference shareholders, the Board, and the CEO. However, in recent weeks different views have emerged that have resulted in the Board and the CEO coming to today’s decision,” he added.
The sales and profits of the fourth largest car-making company, which owns brands including Chrysler, Vauxhall, Jeep, Fiat, and Peugeot, fell dramatically this year, which triggered criticism of Tavares' position.
Notably, Stellantis' share price has fallen by 40% since the start of 2024.
The company said that it began to look for Tavares' successor, but he was supposed to stay as the CEO until at least 2026.
Furthermore, Stellantis also announced that it will not appoint a new CEO for the company by the middle of 2025, till then, the firm will set up a new interim executive committee under the leadership of chairperson John Elkann.
