Stellantis CEO Carlos Tavares Resigns Amid Automaker's Ongoing Struggles

MarketWatch15:47 ET

Stellantis (STLA.US) CEO Tavares resigned early due to strategic differences, and the stock price plummeted by 38% with a new leader on standby.

Stellantis NV's CEO Carlos Tavares announced his resignation due to differences with the board of directors on the strategy to address weak sales and stock price plunges.

Zhitong Finance18:57 ET

Stellantis CEO Tavares resigns early due to disagreements over the company's global strategy and the board of directors.

Carlos Tavares, the CEO of Stellantis NV known for cost-cutting, has resigned early, having disagreed with the board of directors on strategic issues related to reversing sales weakness and plummeting stock prices. The automotive giant, which owns the Jeep and Fiat brands, stated on Sunday that Tavares will hand over the leadership of Stellantis to a temporary committee chaired by John Elkann. Stellantis announced that a new CEO will be appointed in the first half of 2025. Stellantis stated.

Global Market Report18:52 ET

Breaking news! Stellantis, the fourth largest car company in the world, CEO resigns.

Stellantis, the fourth largest auto manufacturer globally, announced on Sunday that its CEO, Carlos Tavares, will resign due to increasing "divergence of views" between the management and the board of directors. The company stated that its board of directors accepted Tavares's resignation on Sunday. His departure is effective immediately. Stellantis, formed by the merger of Fiat Chrysler and Peugeot Citroën, indicated that the process to appoint a new CEO is "proceeding smoothly" and is expected to be completed in the first half of next year. In the meantime, the company will establish a new temporary executive committee.

Global market report18:07 ET

Boss of Vauxhall Owner Stellantis Resigns Amid Electric Car Slump

Yahoo Finance16:06 ET

CEO of Jeep-Maker Stellantis Stepping Down Following Sales Slump -- WSJ

WSJ15:08 ET