16 sources·Business

Stellantis CEO Carlos Tavares Resigns Amid Declining Sales

Carlos Tavares has resigned as CEO of Stellantis immediately due to declining sales and operational challenges, with the search for a new CEO underway.

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Updated: Dec 1st, 2024, 9:34 PM ET

Summary

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Carlos Tavares has resigned as CEO of Stellantis effective immediately, following significant sales declines and operational issues. The company reported a 27% drop in revenues and has faced criticism from U.S. dealers and the United Auto Workers union. An interim executive committee will oversee operations until a new CEO is appointed, expected by mid-2025. Tavares’ resignation highlights ongoing struggles in Stellantis’ North American operations amidst increased competition and a high number of unsold vehicles. His departure raises uncertainties regarding future corporate strategies and employment conditions in the automotive sector.

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