Earthquake in Stellantis, CEO Carlos Tavares resigns.

The Board of Directors, meeting under the chairmanship of John Elkann, accepted his resignation as Chief Executive Officer with immediate effect. The process for the appointment of a new permanent CEO is already underway, managed by a Special Committee of the Board, and will be concluded by the first half of 2025.

In the meantime, a new Executive Committee chaired by John Elkann will be established. Stellantis confirms the guidance presented to the financial community on October 31, 2024 in relation to the full-year 2024 results.

“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 the CEO to today’s decision ,” said Stellantis Senior Independent Director Henri de Castrie.

"It was time for Tavares to leave," writes Tommaso Foti, leader of the Brothers of Italy group in the Chamber, in a note, "but the transition to the new management requires responsibility, protection of employment and valorization of skills. It is therefore even more important that John Elkann appear in Parliament as soon as possible to report on the future of Stellantis ."

Who is Carlos Tavares?

Carlos Tavares was the protagonist of the merger between PSA and FCA, the marriage from which Stellantis was born: a long-time manager with a career that spanned the major car manufacturers. Decisive in his choices and in dealing with the government and unions. "I'm not a magician, I'm a human being like you," he recently admitted, when Stellantis had already announced last September that it had started the search for his possible successor in 2026.

A statement that, after his last speech in Parliament, followed by bitter political controversy, seemed to admit the difficulties of those who, in the current context, find themselves managing an automotive group . The difficult sales and the loss of market share, the ecological transition to manage, the recourse to CIG in many factories, the complicated confrontations with the Italian government: Tavares was the face of all this.

Portuguese, born in Lisbon 66 years ago to a mother who was a French teacher and a father who was an insurance agent, he moved to France at the age of 17 where he obtained the best diplomas. Today he is the father of three children. It is said that his passion for cars began at the age of 14. It was then that he discovered car racing during a day at the Portuguese circuit, near Lisbon, Portugal. His entry into the world of cars was at the age of 23, when he was hired by Renault where he followed the Megane project. He was then sent to Nissan where in 2009 he became the Nissan market manager for the North and South American markets.

In 2011 he joined Renault in the key role of Chief Operating Officer of Renault and worked as Carlos Ghosn's right-hand man, a relationship that however would deteriorate after an interview and that would lead him to PSA, in practice in the competing group. In PSA he was CEO and president of the group. He reduced costs, relaunched sales and brought the group back into the black. And a few years later, in 2017, he bought Opel from the American group General Motors. After the failed merger between FCA and Renault, he convinced the Agnelli-Elkann and Peugeot families of the opportunity of the wedding between PSA and FCA. The wedding was celebrated in 2021. Stellantis was born and he became its CEO.

The context is difficult. The pandemic, the transition. The complicated confrontation with the Italian government on the plan, but above all the hearing in Parliament, where he is the one pointing the finger. "In Italy the costs are too high - he says - energy costs, for example, are double those in Spain. You have to explain to me how to manage this problem". All the groups criticize him harshly. Even the government accuses him of having managed badly. He also responds later . "Others have created chaos and you ask me to resolve the situation and guarantee jobs".
(Online Union)

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