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2023-05-20 04:42:39
DETROIT – Stellantis CEO Carlos Tavares has unexpectedly resigned from the automaker amid increasingly “different views” between the executive and the board of directors, the company said Sunday. The world’s fourth-largest carmaker said its board accepted Tavares’ resignation on Sunday. His departure is effective immediately. Stellantis said its process to appoint a new CEO is “well under way” and that it expects to conclude the search during the first half of next year. Until then, the company said it will establish a new interim executive committee led by chairman John Elkann. “Stellantis’ success since its creation has been rooted in a perfect alignment between the reference shareholders, the Board and the CEO. However, in recent weeks different views have emerged which have resulted in the Board and the CEO coming to today’s decision,” Henri de Castries, Stellantis’ senior independent director, said in a release. Tavares’ resignation comes less than two months after the company announced he would retire at the end of his contract in early 2026. At the time, Stellantis said it planned to name a a replacement by the fourth quarter of next year. Tavares has led Stellantis since its creation through a 2021 merger between Fiat Chrysler Automobiles and PSA Groupe, where he had been board chair since 2014. This is breaking news. Please check back for additional information.
