Carlos Tavares has resigned as the chief executive of Stellantis, the world’s fourth-largest automaker, following a significant downturn in the company’s financial performance.
Stellantis, which owns prominent brands such as Peugeot, Fiat, and Jeep, announced the resignation on Sunday, though the company did not provide specific reasons for Tavares’ departure.
The resignation comes after Stellantis reported a sharp decline in profits this year, attributed to rising inventories in the US and weakening sales in Europe. These challenges have put pressure on the automaker, which had already initiated a search for a successor in late September. Tavares’ term as CEO was initially set to conclude in early 2026.
Stellantis’ board has accepted Tavares’ resignation, but details surrounding his departure remain limited.
With input from the Financial Times.
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