The boss of Stellantis pushed towards the exit. Resignation with immediate effect of Carlos Tavares this Sunday evening while his mandate was due to end in a little over a year. It is the board of directors of the automobile group which includes the Peugeot Citroën and Fiat Chrysler brands which announced the departure of its CEO.
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The Stellantis automobile group announced Sunday, December 1, the resignation “aith immediate effect » from his boss Carlos Tavares, whose successor will be appointed in the first half of 2025. “ The company’s board of directors, meeting today under the chairmanship of John Elkann, accepted the resignation of Carlos Tavares », Indicates the group in a press release. This decision is the result of “ different points of view » between the board of directors and the manager, explains Henri de Castries, administrator of Stellantis.
One year before retirement, Carlos Tavares leaves Stellantis. A resignation under pressure from his board of directors. Too many disappointments in recent months. Stellantis’ financial situation deteriorated in no time. Its sales plunged by 37% in the 3rd quarter of 2024.
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One of Carlos Tavares’ mistakes is his strategy on the North American market. However, it was the main source of the exceptional results from 2021 to 2023. But at the start of the year, stocks piled up and margins melted. And some brands like Jeep have lost significant market share to competitors Ford and General Motors.
The personality of Carlos Tavares would also have played a role in this forced resignation. The newspaper The Echoes said he was cut off from his board of directors and his teams.
His exorbitant remuneration of more than 36 million euros last year also caused controversy. Shocking and scandalous for the unions. He assumed. “ If you think it’s not acceptable, change the law », he replied.
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