Milan: Stellantis’s share price dropped by 7% to 11.65 euros in early trading on Monday after the Italian-French-American carmaker announced late on Sunday that Carlos Tavares has quit as CEO.
According to Ansa News Agency, it had already previously been announced that Tavares would stand down when his contract ends in 2026. Nevertheless, Sunday’s news that the 66-year-old Portuguese manager was leaving with immediate effect, amid rumours of differences within the boardroom over how to deal with the group’s drop in profits, came as a shock.
Stellantis said a new CEO would be appointed in the first half of 2025, adding that an “interim executive committee” led by Chairman John Elkann would run the company in the meantime.
