Stellantis announces Carlos Tavares' resignation as CEO; John Elkann chairs interim committee; new CEO expected by mid-2025.
Quiver AI Summary
Stellantis N.V. has announced the resignation of Carlos Tavares as Chief Executive Officer, effective immediately, with the Board of Directors, chaired by John Elkann, confirming the decision. An Interim Executive Committee has been established, also chaired by Elkann, while the search for a new permanent CEO is expected to be completed by the first half of 2025. Despite this leadership change, Stellantis reiterated its financial guidance for the full year 2024. Henri de Castries, Senior Independent Director, noted that differing views had emerged between the Board and Tavares, leading to this decision. Elkann expressed gratitude for Tavares' contributions and commitment to guiding the company through significant developments in the automotive industry.
Potential Positives
- Stellantis confirmed its full year 2024 financial guidance, providing assurance to investors and stakeholders about its performance expectations.
- The establishment of an Interim Executive Committee shows proactive governance in maintaining leadership continuity during the CEO transition.
- Chairman John Elkann expressed gratitude for Carlos Tavares' contributions, highlighting the company's commitment to recognizing leadership transitions positively.
- The company is moving forward with a clear timeline for appointing a new CEO within the first half of 2025, indicating a transparent and organized succession plan.
Potential Negatives
- Acceptance of CEO Carlos Tavares' resignation may signal instability within the leadership structure, which could affect company morale and strategic direction.
- The necessity for an Interim Executive Committee suggests potential gaps in leadership that could hinder decision-making processes during the transition period.
- Emergence of differing views between the Board and the CEO prior to the resignation may indicate underlying governance issues that could impact stakeholder confidence.
FAQ
What prompted Carlos Tavares' resignation as CEO of Stellantis?
The board accepted Carlos Tavares' resignation due to emerging differences in views, leading to a decision that he should step down.
Who will lead Stellantis during the interim period?
John Elkann will chair the newly established Interim Executive Committee until a new CEO is appointed.
When will a new CEO be appointed at Stellantis?
The process to appoint a new CEO is underway and is expected to be concluded in the first half of 2025.
Is Stellantis maintaining its financial guidance for 2024?
Yes, Stellantis has confirmed the financial guidance for its full year 2024 results, as presented on October 31, 2024.
What is Stellantis' long-term strategic goal?
Stellantis aims to become a carbon net zero mobility tech company by 2038, focusing on sustainable and innovative mobility solutions.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
Full Release
Board Accepts Carlos Tavares’ Resignation as Chief Executive Officer
- Creation of Interim Executive Committee to be chaired by John Elkann
- New CEO will be appointed in the first half of 2025
- Full year 2024 financial guidance confirmed
AMSTERDAM, December 1, 2024 – Stellantis N.V. (“Stellantis” or “the Company”) announces that the Company’s Board of Directors, under the Chairmanship of John Elkann, accepted Carlos Tavares’ resignation today from his role as Chief Executive Officer with immediate effect.
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 confirms the guidance it presented to the financial community on October 31, 2024, in respect of its full year 2024 results.
Stellantis’ Senior Independent Director, Henri de Castries, commented: “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.”
Chairman John Elkann said: “Our thanks go to Carlos for his years of dedicated service and the role he has played in the creation of Stellantis, in addition to the previous turnarounds of PSA and Opel, setting us on the path to becoming a global leader in our industry. I look forward to working with our new Interim Executive Committee, supported by all our Stellantis colleagues, as we complete the process of appointing our new CEO. Together we will ensure the continued deployment of the Company’s strategy in the long-term interests of Stellantis and all of its stakeholders.”
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About Stellantis
Stellantis N.V. (NYSE: STLA / Euronext Milan: STLAM / Euronext Paris: STLAP) is one of the world’s leading automakers aiming to provide clean, safe and affordable freedom of mobility to all. It’s best known for its unique portfolio of iconic and innovative brands including Abarth, Alfa Romeo, Chrysler, Citroën, Dodge, DS Automobiles, FIAT, Jeep ® , Lancia, Maserati, Opel, Peugeot, Ram, Vauxhall, Free2move and Leasys. Stellantis is executing its Dare Forward 2030, a bold strategic plan that paves the way to achieve the ambitious target of becoming a carbon net zero mobility tech company by 2038, with single-digit percentage compensation of the remaining emissions, while creating added value for all stakeholders. For more information, visit www.stellantis.com .
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For more information, contact: Bertrand BLAISE +33 6 33 72 61 86 – [email protected] Fernão SILVEIRA +31 6 43 25 43 41 – [email protected] [email protected] www.stellantis.com |
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