Why this ‘extraordinary’ global CEO was axed
Carlos Tavares was forced from major carmaker Stellantis, which has brands like Jeep, Peugeot and Maserati, as global EV sales slump and cost cutting ramps up.
Carlos Tavares, chief executive of Stellantis, alongside a Peugeot EV on the assembly line at the Stellantis plant in Sochaux, France. Bloomberg
Stellantis chair John Elkann, a member of the Agnelli industrialist dynasty, spent Sunday calling senior officials in Rome and Paris to inform them of a decision with far-reaching ramifications: the carmaker’s chief executive Carlos Tavares was stepping down.
The unanimous move by the Stellantis board to part with the outspoken Tavares came after sharp differences emerged over the company’s electrification strategy, and clashes over his short-term focus on restoring his reputation, which had been tarnished by a collapse in the group’s financial performance, according to people familiar with the deliberations.
Financial Times
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