Dec 2, 2024 - Business
Charted: Stellantis sinks
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Speaking of companies wracked by strategic missteps, Stellantis' stock slump continued today after the sudden exit of CEO Carlos Tavares.
- Still considered by some to be part of the "Detroit Three" automakers — due to its ownership of American brands Jeep, Dodge, Ram and Chrysler — Stellantis risks falling further behind its global rivals without clear leadership.
Catch up quick: Tavares was highly regarded for his efficient leadership in the European auto industry when he took the job in 2021, after Fiat Chrysler and Peugeot's owner merged to become Stellantis.
- But he wore out his welcome as the company's U.S. market share plunged.
Between the lines: The automaker made a series of mistakes on pricing (too high) and product innovation (not enough) at a time when industry sales were ebbing following pandemic highs.
What's next: The company is launching a CEO search with plans to appoint someone in the first half of 2025.
