Stellantis, the Italian automaker, is searching for a new CEO to replace Carlos Tavares, whose contract expires in 2026. This comes amidst a period of declining profits and criticism from both dealers and the UAW union. The company is facing challenges in North America, with shrinking market share and operational issues, leading to a significant drop in profits for the first half of 2024.
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Stellantis CEO Carlos Tavares is heading to Detroit this week to address the company’s declining performance in North America. The automaker has seen a significant drop in profits and sales in the region, leading Tavares to personally oversee a strategic turnaround effort.