Stellantis CEO Carlos Tavares has unexpectedly resigned from the automaker due to different views with the board of directors. The company's search for a new CEO is progressing and is expected to be completed in the first half of next year.
Stellantis CEO Carlos Tavares has resigned from the automaker, which cited "different views" between him and the board of directors.
The world's fourth-largest carmaker said its board accepted Tavares' resignation on Sunday. His departure is effective immediately. "Stellantis' success since its creation has been rooted in a perfect alignment between the reference shareholders, the Board and the CEO.
But this year, the company's financial results have severely underperformed expectations amid mismanagement of the U.S. market — its prime cash generator — with a lack of investment in new or updated products, historically high prices and extreme cost-cutting measures.
STELLANTIS CEO RESIGNATION CARLOS TAVARES AUTOMAKER BOARD OF DIRECTORS
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