Stellantis CEO Carlos Tavares has resigned from his position, as announced by the company on December 1, 2024. His departure comes amidst significant challenges faced by the automaker, including slumping profits and weakened US sales for brands like Jeep and Fiat. Tavares, who led Stellantis since its formation in 2021 through the merger of Fiat Chrysler Automobiles and PSA Group, had previously indicated his contract would end in 2026, but the sudden resignation has caught many by surprise. Under his leadership, Stellantis aimed to be a leader in sustainable mobility but encountered difficulties particularly in North America, where sales and profit margins have been under pressure. The company is now tasked with finding a successor to navigate through these turbulent times, with the board having already accepted his resignation. This change in leadership reflects broader issues within the automotive industry, such as shifts towards electric vehicles and competition from emerging markets. The search for Tavares' replacement is underway, with the expectation that it will take considerable time due to the complexity of Stellantis' operations.
SHOCKER!