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In a shock move on Sunday evening, the CEO of European car maker Stellantis has resigned with immediate effect following disagreements with the board of directors.
The search to replace Carlos Tavares had already started, and he will be replaced by an Interim Executive Committee, led by chairman John Elkann who is also the representative of the main shareholder.
The process to appoint the new permanent CEO is being managed by a Special Committee of the Board and will be concluded within the first half of 2025.
“Stellantis’ success since its creation has been rooted in a perfect alignment between the reference shareholders, the Board and the CEO. However, in recent weeks different views have emerged which have resulted in the Board and the CEO coming to today’s decision,” said Henri de Castries, Senior Independent Director at Stellantis.
This comes as the company, formed from the merger of Fiat Chrysler and Peugeot PSA, and now also includes Open and Vauxhall, announced plans to shut its plant in Luton, UK, as part of 1100 job cuts. It has also signed a strategic deal with Infineon Technologies on power devices and is bringing Chinese car making partner Leapmotor to Europe.
“We have been forced to accept this is ultimately a commercial decision by Stellantis as they respond to wider challenges in the sector,” said Jonathan Reynolds, business secretary for the UK government.
“Our thanks go to Carlos for his years of dedicated service and the role he has played in the creation of Stellantis, in addition to the previous turnarounds of PSA and Opel, setting us on the path to becoming a global leader in our industry,” said Elkann. “I look forward to working with our new Interim Executive Committee, supported by all our Stellantis colleagues, as we complete the process of appointing our new CEO. Together we will ensure the continued deployment of the Company’s strategy in the long-term interests of Stellantis and all of its stakeholders.”
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