Carlos Tavares plans to retire after his current contract at Stellantis expires in early 2026.
Stellantis on Thursday confirmed that CEO Carlos Tavares will retire in early 2026 when his current contract expires., though it said at the time that renewing Tavares' contract was still on the table.
The announcement of Tavares' planned exit from Stellantis follows a meeting of the board of directors this week, where several changes to the company's leadership were made. The changes come as Stellantis struggles to turn aroundKey among the leadership changes is the replacement of Chief Financial Officer Natalie Knight by Doug Ostermann, and the replacement of North America Chief Operating Officer Carlos Zarlenga by Antonio Filosa.
The poor performance has led Stellantis to cut its profit forecast for 2024 and signal possible reductions to its generous dividend and share buyback programs,The decline is mostly due to falling sales in the U.S., where dealers are also angered by some of the strategies Tavares has been executing. Many of their grievances were listed in an open letter to Tavares issued in August by the Stellantis National Dealer Council.
Stellantis in September responded to the letter, stating that it has developed a plan with the dealer body to help boost sales and reduce inventories. Stellantis has also initiated some cost cutting measures, and Tavares in July
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