Stellantis, best known for its iconic brands including Alfa Romeo, Chrysler, Citroën, Dodge, FIAT and Jeep announced the resignation of Tavares as CEO, effective immediately.
Stellantis shares dropped 8% today. Stellantis has recently experienced a drop in sales leading up to Tavares’ decision. Global sales in the third quarter fell 20%, with US sales dropping 17%.
The former CEO resigned due to ongoing differences with the Board and requests for his departure – made by the United Auto Workers (UAW) union which represents Stellantis’ US workers.
According to the company’s press release, Stellantis’ Senior Independent Director, Henri de Castries, stated: “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 which have resulted in the Board and the CEO coming to today’s decision.”
Chairman John Elkann said: “Our thanks go to Carlos for his years of dedicated service and the role he has played in the creation of Stellantis, in addition to the previous turnarounds of PSA and Opel, setting us on the path to becoming a global leader in our industry.
Stellantis is in discussions to replace Tavares and stands by its lowered earnings forecast for the year.
By CEO NA Editorial Staff
