Stellantis announced on Monday that it has initiated the search for a successor to CEO Carlos Tavares, whose contract is set to expire in 2026. The automaker noted that there remains a possibility of Tavares continuing in his role beyond the contract’s expiration.
Tavares has been tasked with addressing challenges in Stellantis’ North American operations, which have encountered significant declines in sales and profitability, impacting the company’s share price.
Since taking the position in 2021, Tavares has brought extensive experience from previous roles at major automotive manufacturers, including Renault, PSA, and Nissan.
Concerns about Stellantis’ performance in North America have been raised by consumers and employees, with calls for the company to enhance demand.
In light of these challenges, Stellantis is working to improve its market position by reducing excess inventory and adjusting vehicle prices, as outlined by Chief Financial Officer Natalie Knight during a virtual conference hosted by BofA Securities on Monday.
