Stellantis CEO Carlos Tavares steps down as carmaker continues struggle with slumping sales
Stellantis CEO Carlos Tavares is stepping down after nearly four years in the top spot of the carmaker that owns brands like Jeep and Ram and Citroën and Peugeot
NEW YORK — Stellantis CEO Carlos Tavares is stepping down after nearly four years in the top spot of the automaker, which owns car brands like Jeep, Citroën and Ram, amid an ongoing struggle with slumping sales.
The world’s fourth-largest carmaker announced that its board accepted Tavares' resignation Sunday, effective immediately.
Stellantis noted Sunday that the process to appoint a new, permanent CEO is “well under way.” In the meantime, the company says a new interim executive committee, led by chairman John Elkann, will be established.
As head of PSA Peugeot, Tavares took control of the Netherlands-based company in January 2021 — when it merged with Fiat Chrysler Automobiles, creating an automotive giant that is the parent to several well-known brands today. Beyond Jeep, Citroën and Ram, Stellantis’ portfolio includes Dodge, Chrysler, Fiat, Peugeot, Maserati and Opel.
Stellantis' North American operations had been the company’s main source of profits for some time, but struggles piled up this year — with the company citing larger market changes and rising competition.
For its third quarter, Stellantis posted 27% plunge in net revenues, as gaps in launching new products and action to reduce inventories also slashed global shipments of new vehicles by 20%.
The carmaker reported net revenues of 33 billion euros (nearly $36 billion ) in the three-month period ending Sept. 30, down from 45 billion euros in the same period last year. All regions except South America reported double-digit dips in revenues — led by North America, which plunged 42% to 12.4 billion
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