Stellantis boss Carlos Tavares resigns over disastrous US market results

Shares in the multinational car manufacturer Stellantis tanked on Monday on the Milan, Paris and New York stock markets after its CEO, Carlos Tavares resigned.

The group, which manufactures brands like Citroën, Peugeot, Opel, Chrysler, Maserati and Fiat, announced the resignation on Sunday “with immediate effect”.

Shares on the Milan stock market plummeted 7.28% and 6% on the Paris stock market. Carlos Tavares resigned 18 months before completing his term which was up in 2026 following tensions between Tavares and the Board of Administration because of poor financial results.

The new temporary head John Elkann has been summoned to the Italian parliament to clarify the car manufacturer’s future in Italy.

Stellantis has lost roughly €2.95Bn in value as the chief executive abruptly resigned, just days after the car’s Vauxhall brand factory in Luton, in the UK was slated for closure.

Previously regarded as one of the most respected figures in the auto industry, Carlos Tavares came under scrutiny after Stellantis issued a profit warning in September.

The firm – which also makes Jeep, Fiat and Peugeot – has lost around 40% of its share value this year, with most of the damage coming from the North American market.

On Monday morning stock slid a further 7.8% following the news, worth roughly €2.95Bn.