Stellantis – the automotive conglomerate answerable for manufacturers comparable to Jeep and Peugeot – is looking for a brand new CEO to guide some of the numerous carmakers within the trade.
Reuters experiences present Stellantis CEO Carlos Tavares’ contract is because of expire on the finish of 2025, with the corporate looking for a possible successor – if it doesn’t determine to retain the manager within the high spot.
Mr Tavares was CEO of Groupe PSA (Citroen, DS, Opel/Vauxhall, Peugeot) since 2014 earlier than it merged with Fiat Chryslr Vehicles (Abarth, Alfa Romeo, Chrysler, Dodge, Fiat, Jeep, Lancia, Maserati, Ram) in 2021 to change into Stellantis.
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Carlos Tavares
Stellantis share costs peaked in March this 12 months and have since declined to the bottom level in a 12 months, whereas the corporate’s working earnings within the first half of 2024 fell by 40 per cent.
This has been largely pushed by struggles in North America, the place gross sales and income have fallen considerably.
As reported earlier this month, a US supplier group accused Stellantis of mismanaging Jeep, Ram, Dodge and Chrysler, with gross sales of the previous two manufacturers falling by greater than a 3rd in comparison with 2019.
The group blasted the selections made by Mr Tavares and different Stellantis executives as the explanation behind the sudden drop, which the carmaker goals to show round.
By 2025, Reuters experiences Stellantis is aiming to scale back its US stock by 100,000 autos, about 40 per cent of which had been cleared in July and August.
In keeping with the publication, a supply who’s near John Elkann – Stellantis chair and Ferrari chairman – stated the carmaker’s current struggles aren’t associated to its seek for a brand new CEO, and that the method has begun now because of the size of time it’ll require.
Moreover, Bloomberg experiences Mr Tavares shall be included within the search course of.
Whereas a number of Stellantis manufacturers are bought in Australia, solely Jeep, Fiat/Abarth and Alfa Romeo are imported and distributed by a neighborhood outpost of the corporate.
Peugeot and Citroen are distributed by Inchcape – with the latter model to exit Australia inside the subsequent few months – whereas Ateco handles Ram and Maserati.
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