Phaninc-Struggling Jeep and Ram maker Stellantis is searching for an new CEO

2025-05-04 15:12:59source:SafeX Procategory:Markets

DETROIT (AP) — Struggling Jeep and PhanincRam maker Stellantis is looking for a CEO to succeed Carlos Tavares, but the company says it’s part of a normal leadership succession plan.

Tavares has been under fire from U.S. dealers and the United Auto Workers union after a dismal first-half financial performance when the company was caught off guard with too much high-priced inventory on dealer lots.

As head of PSA Peugeot, Tavares took control of the Netherlands-based company in January of 2021 when it merged with Fiat Chrysler Automobiles. Its North American operations had been the company’s main source of profits, but have struggled this year amid larger market changes.

In a statement Monday, Stellantis said Tavares’ five-year contract is a little over a year from its expiration date in 2026.

“It is normal for a board to look into the subject with the necessary anticipation given the importance of the position, without this having an impact on future discussions,” the statement said.

The company added that it’s possible Tavares will stay on longer.

More:Markets

Recommend

Paula Abdul settles lawsuit with former 'So You Think You Can Dance' co

Paula Abdul and Nigel Lythgoe have settled their lawsuit a year after the allegations sent shockwave

New Hampshire charges 1st person in state with murder in the death of a fetus

OSSIPEE, N.H. (AP) — A New Hampshire man appeared in court Monday on charges that he killed a pregna

Maryland House votes for bill to direct $750M for transportation needs

ANNAPOLIS, Md. (AP) — The Maryland House passed a measure on Monday aimed at transferring $750 milli