Carlos Tavares resigns as Stellantis CEO with immediate effect

The new CEO will be appointed in the first half of 2025, meanwhile at the helm in place of Carlos Tavares is a new Executive Committee.

Photo by: Motor1 Italy

By: Eleonora Lilli

Dec 2, 2024 at 2:41am ET

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Carlos Tavares is no longer the CEO of Stellantis. The Portuguese top manager tendered his resignation with immediate effect and the Board of Directors, which met under the chairmanship of John Elkann, accepted.

The French-Italian-American multinational conglomerate had already started a search process for a new CEO last September with a Special Committee of the Board that was supposed to identify the candidate by the natural expiration of Tavares' mandate, set for early 2026.

Now the goal is to appoint a new CEO by the first half of 2025. In the meantime, a new Executive Committee will be set up, chaired by John Elkann, who, among other things, personally informed President Mattarella and Giorgia Meloni.

2024 results confirmed

Tavares' resignation comes at a complex time for Stellantis, which reported a 27 per cent drop in revenues in the third quarter of 2024 to £22.3 billion. Consolidated deliveries were down 20 per cent year-on-year, with a 17 per cent drop in Europe and 36 per cent in North America.

These results led to a review of corporate strategies and the need for new leadership to meet future challenges. In the official note in which Stellantis announced that it had accepted the resignation of Carlos Tavares, there was also guidance presented to the financial community on 31 October 2024 regarding full-year results.

All brands in the Stellantis orbit

Photos by: Motor1 Italy

Roads diverge

There is still no official statement from Tavares, at least for the time being. Instead, Stellantis' Senior Independent Director Henri de Castries released a comment that hints at the nature of the early resignation:

"The success of Stellantis since its creation has been based on a perfect alignment between the key shareholders, the Board and the CEO. However, in recent weeks different views have emerged that have led the Board and CEO to today's decision."

This is instead the official statement from Chairman John Elkann:

"We are grateful to Carlos for his unwavering commitment over the years and for the role he has played in the creation of Stellantis, in addition to the previous PSA and Opel re-launches, kick-starting our journey to become a global leader in the industry. I intend to get to work immediately with our new Interim Executive Committee, with the support of all our colleagues at Stellantis, as we complete the process of appointing a new CEO. Together we will ensure the timely implementation of the Company's strategy in the long-term interest of Stellantis and all its stakeholders."

Tavares and Elkann on the day of the birth of Stellantis

A portrait of a manager

Tavares' passion for cars emerged at the age of 14 during a visit to the Estoril circuit near Lisbon, his hometown (he was born on 14 August 1958). After studying at the Lycée français Charles-Lepierre in Lisbon, he moved to France at the age of 17 to attend the Lycée Pierre-de-Fermat in Toulouse. In 1981, he graduated in mechanical engineering from the École Centrale Paris.

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Tavares' career began at Renault in 1981, where he held various positions, including vice-president for strategy and development. He then worked for Nissan, looking after the North and South American markets. From 2011 to 2014, he was Chief Operating Officer of Renault. In 2014, he moved to the PSA Group as CEO, leading the merger with Fiat Chrysler Automobiles that led to the creation of Stellantis in 2021. Under his leadership, Stellantis has become the world's fourth-largest automotive manufacturer.

Carlos Tavares welcomes Macron to the Paris Salon 2024

Carlos Tavares during the presentation of the Alfa Romeo Junior (formerly Milano)

Carlos Tavares follows the Misano 2024 ePrix from the pits

In addition to his professional career, Tavares is known for his passion for motor racing and classic cars. He regularly participates in historic rallies and endurance races, often as a driver. He is also passionate about agriculture and owns a farm where he grows organic products. In addition, he is a polyglot, speaking Portuguese, French, English, and Spanish fluently.

Source: Stellantis