Carlos Tavares, the CEO of Stellantis and the owner of Chrysler and Jeep, has announced that he will step down from his role as the carmaker continues to struggle with slumping sales. Stellantis is a multinational car maker that owns brands like Abarth, Alfa Romeo, Chrysler, Dodge, Jeep, Fiat, Lancia, Maserati, Peugeot, and more.
The fourth largest car maker in the world by sales announced on Sunday that Tavares has resigned from his position as the CEO of the company, effective immediately, and said that the search for a new and permanent CEO is well underway. For the time being, the chairman of the group, John Elkann, will act as the interim CEO of the group.
For quite some time now, Stellantis’ North American operations have been the main source of the company’s revenue. However, struggles started to pile up this year, as the company cited rising competition and larger market share as the driving factors. The revenue also tells the same story as the revenue for the 3rd quarter took a 27% dive.
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In the third quarter, ending 30 September, the company reported a revenue of 36 billion euros or around $36 billion, down from 45 billion euros in the same period last year. As per the company’s reports, all regions except South America saw a double-digit fall in revenue numbers, with North America leading the charge at 42%.
Elkann, the chairperson of Stellantis’ board, made a separate statement thanking Tavares for “his years of dedicated service and the role he has played in the creation of Stellantis,” he further added that he looks forward to appointing a new CEO for the company.
