7:08 am, December 2, 2024
Stellantis boss Carlos Tavares has abruptly quit his post after ‘different views’ emerged between him and the board.
The car maker – which runs Fiat, Peugeot, Citroen, Vauxhall, Jeep, Alfa Romeo, Chrysler and DS – said Tavares had stepped down with immediate effect last night.
Tavares, 66, said in October he was going to retire from the global car firm in 2026.
Senior independent director Henri de Castries said: ‘Stellantis’ success since its creation has been rooted in a perfect alignment between the shareholders, the board and the chief executive officer.
‘In recent weeks different views have emerged which have resulted in the board and the chief executive coming to today’s decision.’
A statement from Stellantis added: ‘Stellantis announces that the company’s board of directors, under the chairmanship of John Elkann, accepted Carlos Tavares’ resignation today from his role as chief executive officer with immediate effect.
‘The process to appoint the new permanent chief executive officer is well under way, managed by a special committee of the board, and will be concluded within the first half of 2025.
‘Until then, a new interim executive committee, chaired by John Elkann, will be established.
‘Stellantis confirms the guidance it presented to the financial community on October 31, 2024, in respect of its full year 2024 results.’
Up until recently, Maria Grazia Davino, the UK boss of Stellantis was the frontrunner to take Tavares’ place at the top, but she abruptly left to join BYD.
Linda Jackson, a Brit and current head of Peugeot, could now be in line for the role.
Only last week, Tavares signed off on Stellantis’ decision to close the Luton plant in early 2025.
He had been under pressure for some time with the car maker’s share price falling 40% since the start of the year and sales volumes have dropped 20%.
Tavares had been vocal in his opposition for the ZEV Mandate in the UK and how it was hurting firms like his. In interviews he had threatened to shut its UK plants if changes were not made.
Stellantis was created in early 2021 with the merger of Groupe PSA and Fiat Chrysler Automobiles, a deal masterminded by Tavares.
