Stellantis CEO Carlos Tavares resigns abruptly
Carlos Tavares has stepped down as the CEO of Stellantis with immediate effect. According to a Reuters report, senior independent director Henri de Castries said in a statement that divergent views cropped up in recent weeks among major shareholders, the board and Tavares resulting in the CEO's resignation. The company said it would find a replacement CEO in the first half of next year. Stellantis' statement on Sunday said that its board, including chairman John Elkann, accepted the CEO's resignation "with immediate effect", and that a new interim executive committee chaired by Elkann would be formed. Regarded as one of the most respected executives in the auto industry, Tavares' approach came under inspection after falling sales in North America led the firm to issue a profit warning on its 2024 results. This included a forecast for a cash burn of up to 10 billion euros (over Rs 89,000 crore), mostly due to slow sales and bloating inventories in its North