The thought of a vehicle driven by executive committee does not inspire confidence. Investors in Stellantis marked its shares down sharply on news that chief executive Carlos Tavares had resigned. Until a successor is appointed, a newly formed committee will take the wheel, led by chair John Elkann.
Given the depths of the pit that Stellantis finds itself in — with the stock down more than 40 per cent so far this year — the share price reaction reflects the fact that the executive’s departure does not take the carmaker much closer to recovery.
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