Stellantis CEO Carlos Tavares to retire in 2026 as automaker struggles in North America
) confirmed on Thursday that CEO Carlos Tavares would retire at the end of his contract in early 2026 and announced major senior management changes as it struggles to turn around its lagging North American operations.
The confirmation of Tavares' retirement plans comes weeks after Stellantis said it was searching for his successor, though at the time it said it was possible he could remain after his contract expires. The world's fourth-largest automaker by sales said it now planned to name his successor by the fourth quarter of 2025.
Tavares, an avid race car driver who was widely heralded in prior years for making Stellantis one of the world's most profitable automakers, has led the company since its creation through a 2021 merger between Fiat-Chrysler and Peugeot and will likely be unable to calm investors’ nerves," they added.
He is racing against formidable competition from Chinese electric vehicle makers that are gaining market share in Europe, and said in order to beat these rivals, Stellantis has"to try to be Chinese ourselves." In addition to the management changes, Stellantis is also shaking up its structure by moving the supply chain organization to the manufacturing division in an effort to provide more attention to improving performance among its suppliers.
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