This morning Stellantis is recording a sharp decline on the Milan Stock Exchange, with an extension of the pre-opening auction. Following the announcement of CEO Carlos Tavares’ immediate resignation, the stock fell 7%, dropping to 11.65 euros in early trading. The resignation was submitted during a board meeting chaired by John Elkann, who accepted the Portuguese manager’s decision.
Stellantis records sharp decline on Milan Stock Exchange following Carlos Tavares’ resignation
The group has already begun the process to select a new permanent CEO, which will be completed by the first half of 2025, under the supervision of a Special Board Committee. “I will immediately engage with our new interim Executive Committee, with the support of all Stellantis colleagues, while we conclude the search for the new CEO,” Elkann stated in the press release announcing Tavares’ resignation. He then added: “We will work together to ensure the timely implementation of the Company’s strategy, protecting Stellantis’s and its stakeholders’ long-term interests.”
Among the names circulating as possible candidates to succeed Carlos Tavares, who decided to resign due to disagreements with other board members, one of the most discussed is that of Luca De Meo, current CEO of Renault. At present, Stellantis has established an interim executive committee, chaired by President John Elkann, who will be tasked with leading the company during this transition phase and appointing the new CEO by mid-2025, thus allowing time for a thoughtful and strategic choice.