https://newsletter.en.creamermedia.com
Africa|Construction|Financial|Industrial
Africa|Construction|Financial|Industrial
africa|construction|financial|industrial

Stellantis global group CEO resigns amid financial headwinds

2nd December 2024

By: Irma Venter

Creamer Media Senior Deputy Editor

     

Font size: - +

Stellantis CEO Carlos Tavares has resigned with immediate effect.

The announcement at the world’s fourth biggest car maker comes amid declining profit and sales in its key North America market.

The manufacturer’s board of directors says it has already started the process to appoint a new CEO, which should be wrapped up within the first half of next year.

“Stellantis’ success since its creation has been rooted in a perfect alignment between the reference shareholders, the board and the CEO,” says Stellantis senior independent director Henri de Castries.

“However, in recent weeks different views have emerged, which have resulted in the board and the CEO coming to today’s [Sunday’s] decision.”

Tavares, 66, is credited with the turnaround of Peugeot and Opel. He was set to retire in 2026.

Tavares led the creation of Stellantis in a 2021 merger of Fiat Chrysler Automobiles and France’s Peugeot.

The company produces vehicles under brand names that include Chrysler, Citroën, Jeep, Fiat, Peugeot, Opel and Maserati.

The New York Times reports that the company’s stock price has dropped more than 50% this year, from a high of more than $29 in March to $13.20, its close on Friday.

On Monday, the share price fell another 8%.

Stellantis has announced the construction of an assembly plant in South Africa in partnership with the Industrial Development Corporation, with production set to start in 2026.

 

Edited by Creamer Media Reporter

Comments

Showroom

SABAT
SABAT

From batteries for boats and jet skis, to batteries for cars and quad bikes, SABAT Batteries has positioned itself as the lifestyle battery of...

VISIT SHOWROOM 
GreaseMax
GreaseMax

GreaseMax is a chemically operated automatic lubricator.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine video image
Magazine round up | 29 November 2024
29th November 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.327 0.428s - 201pq - 2rq
Subscribe Now