Departure of chief executive Carlos Tavares does not take the carmaker much closer to recovery
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.
Tavares, by all accounts a strong personality, also managed to cross swords with many of Stellantis’s key stakeholders. US dealers sounded the alarm in October, writing an open letter expressing their concerns over the group’s strategy. Italy’s deputy prime minister Matteo Salvini demanded an apology after a testy parliamentary session. Trade unions in Italy and France have expressed concerns about the group’s cost cuts.
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