Mon Dec 02 16:23:00 UTC 2024: ## Stellantis CEO Carlos Tavares Resigns Unexpectedly
**AMSTERDAM, Netherlands –** Stellantis, the world’s fourth-largest automaker, announced the abrupt resignation of its CEO, Carlos Tavares, effective immediately. The news comes less than two months after the company stated Tavares would retire in early 2026. His departure follows a challenging year for Stellantis, marked by a nearly 50% drop in its stock price and a profit warning issued in September due to declining North American sales.
Tavares, who led the merger of PSA Peugeot and Fiat Chrysler Automobiles to form Stellantis in 2021, oversaw a portfolio of iconic brands including Jeep, Ram, Fiat, Peugeot, and Maserati. While North American operations initially fueled Stellantis’ growth, increased competition and market shifts led to recent struggles.
A special committee of the Stellantis board is already searching for a permanent replacement, aiming to appoint a new CEO by the first half of 2025. In the interim, a new Executive Committee chaired by John Elkann will manage the company.
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