The chairman of Stellantis confirms that the search for a new CEO has begun; he has not ruled out that Carlos Tavares' contract could be renewed.
The president of Stellantis confirmed this week that the search for a new CEO has begun, as Carlos Tavares' contract expires in 2026.
The company has endured a 48-percent drop in profits and a 16-percent slide in sales in the first half of 2024. It has set a goal to reduce inventories by 100,000 units in the U.S. by the beginning of next year. Things aren't going well. As it happens, the current CEO's contract expires in January 2026. And this week, we learned from a pretty reliable source that it may not be renewed.
In an interview with Bloomberg, Stellantis president John Elkann confirmed that the search for a new top executive had begun. He did not rule out renewing Tavares' contract after the current agreement expires, however. Tavares has been at the helm of Stellantis since its creation, when FCA and PSA merged in January 2021 to create what is now the world's fourth-largest automaker in terms of car sales. In all, Stellantis has 14 brands.
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