The first and only Stellantis CEO, Carlos Tavares, resigned today. Although the automotive conglomerate is in dire straits, the announcement is still shocking. Less than two months ago, a press release stated that the controversial Portuguese businessman would end his five-year contract in early 2026. However, that won’t be the case anymore. Today, the 66-year-old executive decided to step down, effective immediately.
The search process for a replacement is already “well underway,” which tells us that Stellantis isn’t all that surprised Tavares has called it quits. Until a successor is announced in the first half of 2025, the company will appoint a new interim executive committee chaired by John Elkann. He’s the Stellantis Chairman, Executive Director, and Ferrari Chairman.
Tavares has been rather vocal in recent months, pointing out some of the things that are wrong within Stellantis. He blamed bad marketing for Maserati’s slow sales and pointed out quality issues at the Sterling Heights factory, where too many Ram trucks need repairs after leaving the assembly line. There is also an issue with excess inventory, a problem the world’s fourth-largest automaker is trying to solve by doing a better job of matching production with demand.
This is not the only significant change within Stellantis in recent months. Two months ago, Santo Ficili was named CEO of Maserati and Alfa Romeo, replacing Davide Grasso and Jean-Philippe Imparato, respectively. The latter was appointed Chief Operating Officer (COO) in the Enlarged Europe and the CEO of Pro One, the commercial side of Stellantis.
This is a developing story…