Stellantis, the world's fifth-largest automaker by volume, announced on Sunday that its CEO, Carlos Tavares, has stepped down with immediate effect.
According to Senior Independent Director Henri de Castries, the decision was reached following recent differences in strategic views between Tavares and the board. "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," De Castries elaborated.
The news comes after the company's first-half 2024 sales fell 14%, and profits plummeted by nearly half. The company's shares have also fallen from an all-time high of $29.51 in March to $12.52 at Friday's market close.
