December 1, 2024 (change at 9.35pm) – MILANO
Carlos Tavares, CEO of Stellantis. he resigned. The board of directors of the auto group accepted his resignation. The Portuguese manager had been at the helm of the company since its inception on 16 January 2021. He had previously been CEO of PSA which then merged with FCA to create the new group. “I am not a magician, I am a human being like you”, he admitted recently, when Stellantis had already announced last September that it had started the search for his possible successor in 2026. A statement which, after his last speech in Parliament, followed by bitter political controversies, seemed to admit the difficulties of those who, in the current context, find themselves managing an automotive group.
now what happens
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The process for the appointment of a new CEO, the company explained, is already underway managed by a special committee of the board and will be concluded by the first half of 2025. In the meantime, a new executive committee chaired by John Elkann will be established. The president of the auto group expressed gratitude “to Carlos for his constant commitment in recent years and for the role he played in the creation of Stellantis, in addition to the previous relaunches of Psa and Opel, starting our journey to become a global leader in the sector. I intend to get to work immediately – continued Elkann – with our new interim Executive Committee, with the support of all our colleagues at Stellantis, as we complete the process of appointing the new CEO timely implementation of the company's strategy in the long-term interests of Stellantis and all its stakeholders.”
declining results
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“Stellantis – explained an official note – confirms the guidance presented to the financial community on October 31, 2024 in relation to the full-year 2024 results”. The group had communicated a reduction in deliveries to the network of more than 200,000 vehicles in the second half of the year, double the previous estimate. The adjusted operating profit margin (i.e. adjusted by extraordinary components) is expected between 5.5% and 7% for the whole of 2024, down compared to the previous “double digit”, while the industrial free cash flow , previously positive, is expected to be in the red between 5 and 10 billion euros.
