Stellantis chief executive Carlos Tavares has resigned following a sharp decline in financial performance at the world’s fourth-largest carmaker, marking an abrupt exit for one of the automotive industry’s most high-profile leaders.
In a statement on Sunday, Stellantis, which owns the Peugeot, Fiat and Jeep brands, said the company’s board accepted the resignation of Tavares, without explaining exactly why he had stepped down.
In September, Stellantis had launched a search for a successor to Tavares, but he had been expected to complete his term as chief executive through until early 2026.
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