Stellantis's share price dropped by
10% to 11.28 euros in trading on Monday after the
Italian-French-American carmaker announced late on Sunday that
Carlos Tavares has quit as CEO.
It had already previously been announced that Tavares would
stand down when his contracted ends in 2026.
Nevertheless, Sunday's news that the 66-year-old Portuguese
manager was leaving with immediate effect, amid rumours of
differences within the boardroom over how to deal with the
group's drop in profits, came as a shock.
Stellantis said a new CEO would be appointing in the first half
of 2025, adding that an "interim executive committee" led by
Chairman John Elkann would run the company in the meantime.
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