Carlos Tavares in Sochaux, October 3, 2024. (AFP / FREDERICK FLORIN)
Carlos Tavares indicated Thursday that he could retire in January 2026, at the end of his first mandate at the head of the Stellantis automobile group.
“In 2026, the person who answers you will be 68 years old, it is a reasonable age to retire. It is the option”, declared Carlos Tavares to journalists, at the end of a visit to the The historic Peugeot factory in Sochaux (Doubs).
“If you ask my wife, she will say that it is a requirement on her part. I am a good husband,” added the CEO of Stellantis, a group he helped found in 2021 with the merger of PSA (Peugeot-Citroën) and FCA (Fiat-Chrysler).
The Franco-Italian-American automobile group has launched a succession process, as it is “normal” to do in a group of this importance, the company indicated at the end of September.
A meeting of the board of directors of Stellantis, “long planned”, must take place in the coming days at the group’s American headquarters in Auburn Hills, near Detroit, with this question on the agenda.
Stellantis announced on Monday a significant downward revision of its operating margin objective for the year 2024, now estimated between 5.5% and 7% compared to “double figures” previously.
The automobile manufacturer with fifteen brands, which had a string of record quarters, finally took note of an overall “deterioration” of the automobile market, with annual sales forecasts lowered to market level, taking into account an “increase in the ‘supply’ and ‘increased Chinese competition’.
Above all, the group has launched several costly operations since the beginning of 2024 to restore its sales in North America, which traditionally generates the majority of its profits with its Ram, Chrysler and Dodge brands.
Carlos Tavares, born in 1958, lives between France and Portugal, where he owns vineyards and a garage for vintage cars.
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