CEO of the 4th-Largest Automaker Resigns

Stellantis CEO Carlos Tavares is stepping down after nearly four years in the top spot of the automaker, which owns car brands like Jeep, Citroën, and Ram, amid an ongoing struggle with slumping sales. The world's fourth-largest carmaker announced that its board accepted Tavares' resignation Sunday, effective immediately. Stellantis noted Sunday that the process of finding a new, permanent CEO is "well under way." In the meantime, the company says a new interim executive committee, led by chairman John Elkann, will be established. More from the AP:

• How he got here: As head of PSA Peugeot, Tavares took control of the Netherlands-based company in January 2021 when it merged with Fiat Chrysler Automobiles, creating an automotive giant that is the parent to many well-known brands, among them Dodge, Chrysler, Fiat, Peugeot, Maserati, and Opel.
• When the tides turned: Stellantis' North American operations had been the company's main source of profits for some time, but struggles piled up this year, with the company citing rising competition and larger market changes. As a result of lofty sticker prices and fewer affordable options, many high-priced vehicles have been left unsold on dealers' lots.
• By the numbers: For its third quarter, Stellantis posted a 27% plunge in net revenues, as gaps in launching new products and action to reduce inventories also slashed global shipments of new vehicles by 20%. All regions except South America reported double-digit dips in revenues—led by North America, which plunged 42%.
• Friction with the United Auto Workers union: Tavares oversaw cost-cutting efforts that included delaying factory openings and laying off union workers—further straining the company's relations with the UAW, which filed several grievances against Stellantis and threatened to strike in recent months. UAW president Shawn Fain called Tavares' resignation "a major step in the right direction for a company that has been mismanaged and a workforce that has been mistreated for too long."
• Stellantis' recent moves: In an effort to revive sales, Stellantis previously made a number of leadership changes in October, which included naming new heads of operations in North America and Europe. At the time, the company expected Tavares to step down in early 2026, closer to the end of his five-year contract.

(More Stellantis stories.)