Stellantis – the automotive conglomerate responsible for brands such as Jeep and Peugeot – is hunting for a new CEO to lead one of the most diverse carmakers in the industry.
Reuters reports current Stellantis CEO Carlos Tavares’ contract is due to expire at the end of 2025, with the company searching for a potential successor – if it doesn’t decide to retain the executive in the top spot.
Mr Tavares was CEO of Groupe PSA (Citroen, DS, Opel/Vauxhall, Peugeot) since 2014 before it merged with Fiat Chryslr Automobiles (Abarth, Alfa Romeo, Chrysler, Dodge, Fiat, Jeep, Lancia, Maserati, Ram) in 2021 to become Stellantis.
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Stellantis share prices peaked in March this year and have since declined to the lowest point in a year, while the company’s operating income in the first half of 2024 fell by 40 per cent.
This has been largely driven by struggles in North America, where sales and profits have fallen substantially.
As reported earlier this month, a US dealer group accused Stellantis of mismanaging Jeep, Ram, Dodge and Chrysler, with sales of the former two brands falling by more than a third compared to 2019.
The group blasted the decisions made by Mr Tavares and other Stellantis executives as the reason behind the sudden drop, which the carmaker aims to turn around.
By 2025, Reuters reports Stellantis is aiming to reduce its US inventory by 100,000 vehicles, about 40 per cent of which were cleared in July and August.
According to the publication, a source who is close to John Elkann – Stellantis chair and Ferrari chairman – said the carmaker’s recent struggles aren’t related to its search for a new CEO, and that the process has begun now due to the length of time it’ll require.
Additionally, Bloomberg reports Mr Tavares will be included in the search process.
While multiple Stellantis brands are sold in Australia, only Jeep, Fiat/Abarth and Alfa Romeo are imported and distributed by a local outpost of the company.
Peugeot and Citroen are distributed by Inchcape – with the latter brand to exit Australia within the next few months – while Ateco handles Ram and Maserati.
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