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What you need to know
- Stellantis announced on Sunday that it has accepted Carlos Tavares’ resignation as CEO.
- Jeep and Chrysler said the decision is immediate.
- Stellantis said a process to name a permanent CEO "is well under way" and "will be concluded within the first half of 2025."
- John Elkann, board chairman of the company, will lead an interim executive team.
Stellantis, the struggling parent company of Jeep and Chrysler (STLA), announced on Sunday that it accepted Carlos Tavares’ resignation as Chief Executive (CEO). The resignation is effective immediately.
The Netherlands-based Stellantis, whose shares have plummeted 43% this year, said a process to name a permanent CEO "is well under way" and "will be concluded within the first half of 2025."
John Elkann, board chairman of the company, will lead an interim executive team.
"Stellantis' success since its creation has been rooted in a perfect alignment between the reference shareholders, the Board and the CEO," senior independent director Henri de Castries said. "However, in recent weeks different views have emerged which have resulted in the Board and the CEO coming to today's decision."
Stellantis Affirms 2024 Outlook
Stellantis also affirmed its 2024 guidance—including adjusted operating income margin between 5.5% and 7.0%, down from its prior projection for “double digit” levels—which caused its stock to tumble when announced in late September.
The Big Three automaker said at the time it had “accelerated its planned normalization of inventory levels in the U.S.,” By the end of this year, instead of in the first quarter 2025, the dealer’s inventory should not exceed 330,000 pieces.
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