Stellantis CEO abruptly resigns
World's fourth-largest carmaker will be run by committee until new boss is found
Less than a week after Vauxhall announced plans to close its Luton factory, the Chief Executive Officer of Stellantis - the multinational company that incorporates 14 automotive brands - has quit his post. In an official statement released on Sunday, the firm’s board of directors confirmed that Carlos Tavares’ resignation had been accepted with immediate effect. Until a new CEO can be found, a new Interim Executive Committee, chaired by John Elkann, will be established to run the global manufacturer created by the merger Fiat Chrysler Automobiles and the PSA Group in 2021.
The ongoing trials and tribulations of Vauxhall are the tip of a problematic iceberg: Stellantis has lost around 40 per cent of its value this year, and issued a profit warning on its 2024 results two months ago. In its wake, a reshuffle of the firm’s senior management was conducted, but Tavares had initially been expected to remain in his role until his scheduled retirement in early 2026. “However, in recent weeks different views have emerged which have resulted in the Board and the CEO coming to today’s decision,” commented Stellantis’ Senior Independent Director, Henri de Castries.
Sales in the US - typically the firm’s chief profit generator - slumped by 17 per cent in the third quarter of this year, and Tavares had recently faced dealers disgruntled by oversupply and a unionised workforce threatening a nationwide walkout. In Europe, he was seen increasingly as a divisive figure, especially when calling for significant reductions in production. The Unite union called Stellantis’ decision to close Vauxhall’s van-making factory a "complete slap in the face" for its members working in Luton.
Chairman John Elkann said: “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. 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.”
All I know is thousands will suffer hardship as their jobs evaporate, I believe this gentleman's last pay packet was about $30million but I could be wrong so stand to be corrected.
https://www.dacia.co.uk/vehicles/sandero/configura...
It might be a bit dull though when everyone else has gone out of business and we can only buy Dacias or Chinese electric SUVs.
e.g. European car manufacturers have been selling products in China for a quarter of the price they retail the same things in Europe, just to maintain market share. Now Chinese companies are selling their products here, its only going one way.
Nokia, Blockbuster, Kodak, Blackberry... I mean its a reputable club to join.
I've just described my 30 year old BMW, but a new version of this would be ideal! Of course it would never, ever, get manufactured
e.g. European car manufacturers have been selling products in China for a quarter of the price they retail the same things in Europe, just to maintain market share. Now Chinese companies are selling their products here, its only going one way.
Nokia, Blockbuster, Kodak, Blackberry... I mean its a reputable club to join.
It might be a bit dull though when everyone else has gone out of business and we can only buy Dacias or Chinese electric SUVs.
This argument that any specific manufacturer is too expensive is silly when every single manufacturer has had to put their prices up, particularly since COVID, without exception.
As for this chap, I was involved with Ford when he was there. Never met him in person, but he was overseeing some of the stuff I was involved in. He always seemed to be one of those management characters that was never actually around, but was just a name that people were scared of.
It might be a bit dull though when everyone else has gone out of business and we can only buy Dacias or Chinese electric SUVs.
This argument that any specific manufacturer is too expensive is silly when every single manufacturer has had to put their prices up particularly since COVID and without exception.
Inflation will always be happening (on average over time)
You can see why it was decided that he had to go. Hard to see what to do next - there's going to be a flood of cars coming over from China shortly which is going to hit them hardest.
So how can they make an affordable car that people want an still meet the new rules seems an impossible task. An so jobs are lost, I am not sure destroying livelihoods is great for election hopes. Trump is going to drill for oil in the US an in Europe we are going EV only. One side will be proved right and the other wrong
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