Chrysler parent Stellantis, opens new tab confirmed on Thursday that CEO Carlos Tavares would retire at the end of his contract in early 2026 and announced major senior management changes as it struggles to turn around its lagging North American operations.
Earnings and sales in the French-Italian automaker's traditional profit powerhouse have been declining, forcing it to last week cut its 2024 profit forecast and signal possible reductions to its dividend and share buybacks next year.
Analysts have downgraded the company's stock, which has tumbled 42% this year after missteps in North America, where sales of popular products such as its Jeep and Ram trucks typically produce much of its profits.
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