Stellantis Shares Dropped By 7% Following CEO’s Sudden Resignation

Stellantis, the automaker, dropped 7% in early trading on Monday following the unexpected resignation of its CEO, Carlos Tavares, over the weekend. The company announced on Sunday that Tavares stepped down due to increasing “differences of opinion” among executives and the board.

The world’s fourth-largest automaker said its board had accepted Tavares’ resignation on Sunday. His departure is effective immediately.

The manufacturer says the process of appointing a new CEO is “well underway” and expects to complete the search during the first half of next year. Until then, the company will establish a new interim executive board led by chairman John Elkann.

“The success of Stellantis since its creation is based on the perfect alignment between the reference shareholders, the management, and the chief executive officer. However, in recent weeks, different opinions have emerged that have resulted in a decision by the board and the CEO,” Henri de Castrie, a senior independent director of Stellantis, said in a statement.

A spokesperson for Stellantis declined to disclose any additional information regarding the resignation.

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