Stellantis Officially Confirms Carlos Tavares’ Resignation as CEO

Stellantis has confirmed the resignation of CEO Carlos Tavares, effective immediately. This announcement follows a report by Bloomberg earlier in the day suggesting that the executive would step down due to strategic disagreements with the company’s Board of Directors.

Under the leadership of Stellantis Chairman John Elkann, the Board accepted Tavares’ resignation and announced plans to appoint a permanent CEO by mid-2025. In the interim, an Interim Executive Committee, led by Elkann, will oversee the company’s operations.

Henri de Castries, Senior Independent Director at Stellantis, commented on the situation, noting the company’s track record of aligned leadership since its inception. “Stellantis’ success since its creation has been rooted in a perfect alignment between the reference shareholders, the Board, and the CEO. However, in recent weeks, different views have emerged, which have resulted in the Board and the CEO coming to today’s decision,” de Castries explained.

Carlos Tavares leaves behind a legacy of significant accomplishments, having guided Stellantis since its founding in 2021 through the merger of Fiat Chrysler Automobiles (FCA) and PSA Group. Known for his ability to streamline operations and improve efficiency, Tavares unified vehicle platforms and reduced costs across the board.

Despite his achievements, Tavares’ tenure faced notable challenges. In recent months, Stellantis struggled with declining U.S. sales, constant battles between the United Auto Workers (UAW) and the Italian unions, delays in the rollout of key products, and internal disagreements over its future direction. These issues, compounded by market pressures, reportedly contributed to his decision to step down.

“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. He also reassured stakeholders about the company’s direction during the transition. “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.”

To maintain confidence in its operations, Stellantis reaffirmed its full-year 2024 financial guidance, first presented on October 31. The company emphasized its commitment to strategic continuity and long-term stability, despite the leadership change.