Stellantis CEO to Retire in 2026 as Automaker Struggles in North America
Stellantis confirmed on Thursday that CEO Carlos Tavares will retire at the end of his contract in early 2026. The company is undergoing significant management changes as it struggles to turn around its lagging North American operations. Earnings and sales in Stellantis’ traditional profit powerhouse have been declining, forcing the company to cut its 2024 profit forecast and signal possible reductions to its dividend and share buybacks next year.
The company has appointed Doug Ostermann, the former chief operating officer of its China division, as its new finance chief, replacing Natalie Knight who is leaving the company. Additionally, Antonio Filosa has been appointed as the North America chief operating officer, succeeding Carlos Zarlenga.
Tavares, who has led the company since its creation through a 2021 merger between Fiat-Chrysler and Peugeot maker PSA, has faced harsh criticism from the United Auto Workers union, auto dealers, and shareholders. The broad management shakeup is aimed at addressing these concerns and preparing the company for future challenges in the automotive industry.
