Dec 1, 2024 - Business

Stellantis CEO Carlos Tavares resigns amid sales slump

Rebecca Falconer

Carlos Tavares, CEO of Stellantis attends during the Inauguration of the Hybrid and PHEV Vehicles Stellantis Group eDCT Assembly Plant on April 10, 2024 in Turin, Italy. — Carlos Tavares, who has stepped down as CEO of Stellantis. Photo: Stefano Guidi/Getty Images

Stellantis chief executive Carlos Tavares resigned "with immediate effect" on Sunday, the maker of Jeep and Ram vehicles announced.

The big picture: The Italian-U.S. auto maker had faced a sales slump and Stellantis' senior independent director Henri de Castries said in a statement that "in recent weeks different views have emerged which have resulted in the Board and the CEO coming to today's decision."

State of play: While de Castries did not elaborate further, Stellantis said in a report last month it had delivered just over 305,000 vehicles in the U.S. in the third quarter — down 20% from a year ago.

The process to appoint the new permanent CEO "is well under way" and "will be concluded within the first half of 2025," according to a company statement.
"Until then, a new Interim Executive Committee, chaired by John Elkann, will be established," it added.

Go deeper: Stellantis' U.S. troubles

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Stellantis CEO Carlos Tavares resigns amid sales slump

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