Stellantis the giant who makes cars, quits abruptly

Stellantis the giant who makes cars, quits abruptly

With immediate effect, the CEO of the massive automaker Stellantis. Which owns the Chrysler, Vauxhall, Jeep, Fiat, and Peugeot brands, has resigned.

Two months after Stellantis issued a profit warning, Carlos Tavares abruptly left the company.
The company also revealed intentions this week to close its Luton-based Vauxhall vehicle manufacturing facility, potentially affecting 1,100 employment.

Henri de Castries, senior independent director of Stellantis. Stated in a statement announcing Mr. Tavares’ departure that “different opinions have surfaced in recent weeks which have resulted in the Board and the CEO. Agreeing to today’s decision.”

Mr. Tavares was one of the most influential figures in the global auto business prior to his resignation.

He was known for being a merciless cost-cutter, first at the French company PSA and subsequently at Stellantis after its 2021 merger with Fiat Chrysler.

He regularly made headlines in the UK by raising concerns about the future of Vauxhall’s. Operations there and connecting them to topics like Brexit and government. Initiatives to compel automakers to produce more electric vehicles Stellantis the giant who.

Whether his departure will impact Stellantis’ Luton plant shutdown is yet unknown.

A sharp decline in the company’s revenues and profits has recently damaged Mr. Tavares’ standing.

Since the beginning of this year, Stellantis’ share price has dropped by 40%.
Although Mr. Tavares was anticipated to remain in his position until at least 2026. The business said in September that it had begun the process of finding a replacement.

According to Stellantis, it now anticipates hiring a new CEO by the middle of the following year.

John Elkann, the firm’s chairperson, will serve as the head of the new interim executive committee that will be established in the interim.