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Carlos Tavares of Portugal has stepped down as CEO, according to a Stellantis press release. The multinational's Board of Directors accepted his resignation, effective immediately. The appointment of a new CEO is underway and is expected to be completed in the first half of 2025. Until then, an interim executive committee led by non-executive chairman John Elkann, the grandson of Gianni Agnelli, will oversee operations.
Stellantis has faced significant challenges, including a sharp drop in its half-year results reported in July, with North American sales declining by 18%. Internal disagreements with the board of directors are also believed to have hastened Tavares's resignation. Additionally, Giorgia Meloni's government accused him of promoting the relocation of production to lower-cost countries.
Just days before stepping down, Carlos Tavares criticized European bureaucracy, calling it a «mess of red tape» and contrasting it with Morocco, where he praised the streamlined nature of administrative procedures.
