MILAN/DETROIT - Stellantis chief executive Carlos Tavares resigned abruptly on Dec 1, two months after a profit warning at the maker of Jeep, Fiat and Peugeot cars that has lost around 40 per cent of its value in 2024.
The company said it would seek to find a replacement CEO in the first half of 2025.
Senior independent director Henri de Castries said in a statement the decision for Mr Tavares to leave resulted from different views emerging in recent weeks among major shareholders, the board and Mr Tavares.
Previously regarded as one of the most respected executives in the auto industry, Mr Tavares came under criticism after Stellantis issued a profit warning on its 2024 results.
That included a forecast for a cash burn of up to €10 billion (S$14.16 billion), mostly due to slow sales and bloating inventories in its North American market, the group's profit powerhouse.
The warning triggered a wide reshuffle of the group's top management - including changes of its chief financial officer and its head of North American operations - that initially spared Mr Tavares.
After that, however, Stellantis said Mr Tavares was not seeking a new CEO term and would retire at the end of his current mandate, in early 2026.
Stellantis shares have lost around 40 per cent of their value in 2024, while shares of US rival Ford Motor are down 7 per cent in 2024 and General Motors (GM) up 55 per cent.
This story is from the December 03, 2024 edition of The Straits Times.
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This story is from the December 03, 2024 edition of The Straits Times.
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