Stellantis N.V. announced that the company’s Board of Directors, under the Chairmanship of John Elkann, accepted Carlos Tavares’ resignation on 1 December from his role as Chief Executive Officer with immediate effect. Tavares was expected to retire once his contract expired in early 2026.

The process to appoint the new permanent Chief Executive Officer is well under way, managed by a Special Committee of the Board, and will be concluded within the first half of 2025. Until then, a new Interim Executive Committee, chaired by John Elkann, will be established.

Stellantis confirmed the guidance it presented to the financial community on 31 October 2024, in respect of its full year 2024 results, including adjusted operating income margins of 5.5% to 7%, down from double digits in earlier guidance.

In its Q3 2024 report released 31 Octobet, Stellantis posted net revenues of €33.0 billion, down 27% compared to Q3 2023, primarily due to lower shipments and unfavorable mix as well as pricing and foreign exchange impacts. Consolidated shipments were down 279 thousand, or 20% year-over-year.

Stellantis’ success since its creation has been rooted in a perfect alignment between the reference shareholders, the Board and the CEO. However, in recent weeks different views have emerged which have resulted in the Board and the CEO coming to today’s decision.

—Stellantis’ Senior Independent Director, Henri de Castries