Due to very poor financial results, the boss of the Franco-Italian-American automobile group was “resigned” this Sunday, December 1.
Carlos Tavares' days at the head of Stellantis were numbered. The general director of the Franco-Italian-American automobile group finally resigned this Sunday, December 1 “with immediate effect”, according to Bloomberg, AFP and Le Figaro. The decision was taken following an extraordinary board meeting convened earlier in the afternoon, in agreement with the board, due to “divergence of views”, according to Le Figaro. A “resignation” to be made of which Carlos Tavares would have been informed only the day before.
American shareholders had their sights set on the one who came to the helm of the group in 2014. On September 30, Stellantis had issued a heavy warning on its 2024 financial results: the operating margin objective had been drastically revised downwards to between 5 .5% and 7%, against a promise to “two digits” previously. The stock fell 14% that day. And on October 3, the downgrading of the group's rating by Barclays caused it to fall by another 4%. Since the start of the year, Stellantis' valuation has halved.
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