Stellantis CEO Carlos Tavares resigned on Sunday due to differences with the board amid declining sales, rising vehicle prices, and workforce layoffs.
The company faced criticism for high prices on brands like Jeep and Ram, which hurt US sales, and Tavares’ compensation package sparked backlash.
Under Tavares, Stellantis’ global sales dropped 10% in the first half of the year and 20% in the third quarter.
The UAW and US dealers’ council had also criticized his management, leading to pressure for his resignation, CNN has reported.
An interim executive committee will be formed, with a new CEO expected by mid-2025.
Written by B.C. Begley
B.C. Begley 