Stellantis shares plummeted on Monday, trading nearly 60% below their March record high following the sudden resignation of CEO Carlos Tavares. The company, known for brands like Peugeot, Fiat, and Jeep, disclosed no reason for Tavares' departure, leaving the future strategy for reviving the carmaker uncertain.
Stellantis shares tumbled on Monday, leaving them almost 60 per cent below a record high hit in March, after the abrupt exit of chief Carlos Tavares laid bare the tensions at the world’s fourth-largest carmaker over how to revive its fortunes. The owner of the Peugeot, Fiat and Jeep brands said late on Sunday that its board had accepted the resignation of Tavares, without explaining why he had stepped down. Stellantis shares listed in Milan were down 10 per cent on Monday at €11.32.
People familiar with Tavares’s departure said there had been increasing tensions between him and other Stellantis board members on how to put the company back on track following a steep decline in reported profits in 2024 due to slumping sales in the US and Europe. “ was focusing on the short term rather than the group’s longer term and managed to anger everybody in the process,” said one person familiar with conversations among the Stellantis board members.
STELLANTIS CARLOS TAVARES SHARE PRICE CEO RESIGNATION AUTOMOTIVE INDUSTRY
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stellantis chief executive Carlos Tavares resignsWorld’s fourth-largest carmaker has suffered a sharp decline in profits this year
Read more »
Carlos Tavares Resigns as Stellantis CEO Amid Profit Warnings and Factory ClosuresCarlos Tavares has resigned as CEO of Stellantis, the parent company of Vauxhall, amid profit warnings and the closure of Vauxhall's Luton factory. Stellantis aims to boost electric vehicle demand and is planning to transfer jobs to its Ellesmere Port site.
Read more »
Shares in Vauxhall owner Stellantis tumble after top boss quits abruptlyThe car-making giant announced plans last week to shut its Luton van-making factory next April, putting more than 1,100 jobs at risk.
Read more »
Vauxhall Luton factory to close - putting more than 1,100 jobs at riskVauxhall will close its Luton plant in April, the parent company Stellantis announced.
Read more »
Vauxhall Luton factory to close, parent firm Stellantis announces - putting more than 1,100 jobs at riskThe warned of news from Stellantis is the second notice of job cuts from a UK car maker in less than a week.
Read more »
Stellantis Plans Van Factory Closure, 1,100 Jobs At RiskStellantis, the owner of Vauxhall, has announced plans to close its van factory in Luton, putting 1,100 jobs at risk. This move comes as car manufacturers call for new incentives to boost the electric vehicle (EV) industry, with major car makers urging the Government to consider tax breaks or grants to attract drivers to buy EVs.
Read more »