Stellantis CEO Carlos Tavares has resigned from the automaker, the company announced on Sunday.
Tavares has led Stellantis since it was formed through the combination of PSA Group, which he led, and Fiat Chrysler Automobiles in 2021.
The company has been underperforming in several key markets, including the U.S. where its American brands — Chrysler, Dodge, Jeep and Ram — have been struggling with sales and new model introductions.
Stellantis said it hopes to name a new CEO during the first half of 2025 and that it will be led by an Executive Committee overseen by Chairman John Elkann until then.
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“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,” Elkann said in a press release.
“I look forward to working with our new Interim Executive Committee, supported by all our Stellantis colleagues, as we complete the process of appointing our new CEO. Together we will ensure the continued deployment of the Company’s strategy in the long-term interests of Stellantis and all of its stakeholders.”
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Stellantis stock was down more than 40% this year prior to the announcement and is worth less than it was when Tavares became CEO. Dodge, Jeep and Ram have experienced delays launching new electric vehicles in recent months, while Chrysler’s lineup has dwindled to just a minivan for at least the 2025 model year. It is unclear how the Tavares resignation will affect the direction of the four brands in the short term.
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