International

Stellantis CEO, Carlos Tavares Resigns Amid Falling Sales

Published

3 hours ago

Dec 2, 2024.

Dennis

Carlos Tavares, CEO of Stellantis—the automotive giant behind brands like Chrysler, Vauxhall, Jeep, Fiat, and Peugeot—has stepped down with immediate effect. His sudden departure comes just two months after Stellantis issued a profit warning, highlighting challenges within the company.

The announcement follows last week’s controversial decision to shut down the Vauxhall van manufacturing plant in Luton, a move that places approximately 1,100 jobs at risk.

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Henri de Castries, Stellantis’ senior independent director, commented on Tavares’ resignation, stating, “In recent weeks, different views have emerged, leading the Board and the CEO to this decision.”

Tavares, once a dominant figure in the global auto industry, built a reputation as a relentless cost-cutter during his tenure at France’s PSA Group and, later, Stellantis following its 2021 merger with Fiat Chrysler.

He was often in the UK spotlight for his critiques of Vauxhall’s future in Britain, linking its stability to Brexit and government-mandated shifts toward electric vehicle production.

The implications of Tavares’ departure for the planned Luton plant closure remain unclear.

Stellantis has faced significant financial setbacks recently, including sharp declines in sales and profits, compounded by a 40% drop in its share price this year.