The boss of the automotive giant Stellantis suddenly quits

The boss of automotive giant Stellantis – which owns brands such as Chrysler, Vauxhall, Jeep, Fiat and Peugeot – has resigned with immediate effect.

Carlos Tavares’ abrupt exit comes two months after Stellantis issued a profit warning.

Last week the company also announced plans to close its Vauxhall van factory in Luton, putting around 1,100 jobs at risk.

In a statement announcing Mr. Tavares’ resignation, Stellantis Senior Independent Director Henri de Castries said: “Different views have emerged in recent weeks, which have led the Board and the CEO to take today’s decision have come.”

Before his resignation, Mr. Tavares was one of the most powerful people in the global automotive industry.

He was considered a ruthless cost-cutter, first at the French group PSA – and then, after the merger with Fiat Chrysler in 2021, at Stellantis.

He frequently made headlines in the UK by expressing doubts about the future of Vauxhall operations in the UK, linking this to issues such as Brexit and the government’s plans to force car manufacturers to build more electric cars.

It is not yet clear whether his departure will impact the planned closure of the Stellantis factory in Luton.

Mr. Tavares’ position had recently been undermined by a dramatic decline in the company’s sales and profits.

Stellantis’ share price has fallen 40% since the start of the year.

In September, the company said it had begun searching for a successor to Mr. Tavares, but he was expected to remain in the position until at least 2026.

Stellantis said it now expects to name a new chief executive by the middle of next year.

In the meantime, a new interim executive committee will be established under the leadership of company chairman John Elkann.