Stellantis CEO Carlos Tavares steps down as carmaker continues struggle with slumping sales

[mahatmakanejeeves]

Stellantis CEO Carlos Tavares steps down as carmaker continues struggle with slumping sales

The Associated Press
December 1, 2024, 5:23 PM

NEW YORK (AP) — Stellantis CEO Carlos Tavares is stepping down after nearly four years in the top spot of the automaker, which owns car brands like Jeep, Citroën and Ram, amid an ongoing struggle with slumping sales.

The world’s fourth-largest carmaker announced that its board accepted Tavares’ resignation Sunday, effective immediately.

Stellantis noted Sunday that the process to appoint a new, permanent CEO is “well under way.” In the meantime, the company says a new interim executive committee, led by chairman John Elkann, will be established.

As head of PSA Peugeot, Tavares took control of the Netherlands-based company in January 2021 — when it merged with Fiat Chrysler Automobiles, creating an automotive giant that is the parent to several well-known brands today. Beyond Jeep, Citroën and Ram, Stellantis’ portfolio includes Dodge, Chrysler, Fiat, Peugeot, Maserati and Opel.

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[Srkdqltr]

1. Should never have changed the name in the US.

[cloudbase]

2. I just read a report that his severance will be 100 million Euros.

[bucolic_frolic]

3. In the 60s Chrysler was always vulnerable to recession

because their technology was somewhat inferior and less reliable, so they sold for a few hundred dollars less than competitors, and that attracted people less able to pay for them and more in need of financing, who were also vulnerable to recession.

I don't know if that describes the current predicament.