Stellantis CEO Carlos Tavares has resigned amid growing disagreements with the board of directors, effective immediately. The company is in the process of appointing a new CEO, with an interim executive committee led by chairman John Elkann. Tavares had been at the helm since the 2021 merger of Fiat Chrysler and PSA Groupe.
The automotive industry is undergoing a significant shift as companies aim to cut costs after years of excessive spending on electric and autonomous vehicles. Major players like GM and Ford are laying off thousands and restructuring to enhance capital efficiency, while Stellantis faces challenges despite achieving cost reductions post-merger. Analysts highlight the need for collaboration and shared resources to avoid the wasteful practices that have plagued the sector.
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