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.