Carmaker Stellantis' CEO Tavares steps down

Carlos Tavares, the CEO of automotive giant Stellantis, surprisingly announced an immediate resignation on Sunday.

The search for a new chief executive is already in progress, with a decision expected by the first half of 2025, the world's fourth-largest carmaker said in a statement.

Until then, the company will establish a new interim executive committee led by Chairman John Elkann.

"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 Senior Independent Director Henri de Castries.

In October, Stellantis said it confirmed the retirement of Tavares at the end of his contract in early 2026.

Stellantis was formed in 2021 from the merger of the Italian-American conglomerate Fiat Chrysler Automobiles and the French PSA Group. The company's headquarters are in the Netherlands.

Stellantis designs, manufactures and sells autos in 14 brands, and ranked fourth globally last year in sales among automakers.