MILAN (Reuters) -Stellantis Chief Govt Carlos Tavares has resigned, the maker of Jeep, Fiat (BIT:) and Puegeot automobiles stated on Sunday, including it aimed to discover a new head within the first half of this 12 months.
Beforehand thought to be one of the revered executives within the auto trade, Tavares got here beneath sturdy criticism earlier this 12 months after Stellantis (NYSE:) issued a revenue warning on its 2024 outcomes, together with a forecast for a money burn of as much as 10 billion euros, principally blaming gradual gross sales and bloating inventories in its key North American market.
“The Company’s Board of Directors, under the Chairmanship of John Elkann, accepted Carlos Tavares’ resignation today from his role as Chief Executive Officer with immediate effect,” Stellantis stated in a press release.
Stellantis stated the method to nominate the brand new everlasting CEO was effectively beneath manner, managed by a Particular Committee of the Board.
The method will likely be concluded throughout the first half of 2025, it stated, including {that a} new Interim Govt Committee, chaired by Elkann, could be established.
Tavares was beforehand anticipated to retire on the finish of his mandate, in early 2026.
Tavares has led Stellantis, the world’s fourth largest carmaker by gross sales, since its creation in early 2021, by means of the merger of Fiat Chrysler and Peugeot (OTC:) proprietor PSA.
Stellantis’ high investor is the Fiat-founding Agnelli household by means of funding firm EXOR. Elkann, the scion of the Agnelli household, can also be CEO of Exor (AS:).
Stellantis shares have misplaced round 40% of their worth this 12 months.
