Stellantis CEO Carlos Tavares Steps Down

DETROIT, Dec. 2, 2024 ~ Struggling Stellantis is looking for a new leader.

Carlos Tavares, who’s been at the helm of the company for the last four years, has resigned from his post. Stellantis was formed in 2021 when Fiat Chrysler and French automaker Groupe PSA merged, and has been dealing with several major issues in the last year; falling sales, fewer profits, and sharp criticism from dealers and unions. In 2023, the company posted record profits of $20 billion, but through the first half of this year, profits dropped by nearly half. In a statement, the company said a new interim executive committee chaired by John Elkann, along with the company’s overall board chair, will guide the company.