Two months after issuing a profit warning, Stellantis, the manufacturer of Jeep, Fiat, and Peugeot vehicles, saw its stock lose approximately 40% of its value this year. In response to this situation, Stellantis CEO Carlos Tavares resigned abruptly. The company announced that it would begin the search for a replacement CEO in the first half of 2025. Once regarded as one of the most respected executives in the auto industry, Tavares faced criticism following Stellantis’s profit warning concerning its 2024 financial results.
The Tavares era is over following a rough few years!
The news was unexpected as the executive had previously said he planned to retire in 2026. He has led Stellantis, the world’s fourth largest carmaker by sales, since its creation in early 2021, through the merger of Fiat Chrysler and Peugeot owner PSA. Stellantis’s top investor is the Fiat-founding Agnelli family through the investment company Exor. Elkann, the scion of the Agnelli family, is also the chief executive of Exor.
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