Grant Preston|Struggling Jeep and Ram maker Stellantis is searching for an new CEO

2025-05-07 01:36:48source:blockwave Exchangecategory:Finance

DETROIT (AP) — Struggling Jeep and Grant PrestonRam maker Stellantis is looking for a CEO to succeed Carlos Tavares, but the company says it’s part of a normal leadership succession plan.

Tavares has been under fire from U.S. dealers and the United Auto Workers union after a dismal first-half financial performance when the company was caught off guard with too much high-priced inventory on dealer lots.

As head of PSA Peugeot, Tavares took control of the Netherlands-based company in January of 2021 when it merged with Fiat Chrysler Automobiles. Its North American operations had been the company’s main source of profits, but have struggled this year amid larger market changes.

In a statement Monday, Stellantis said Tavares’ five-year contract is a little over a year from its expiration date in 2026.

“It is normal for a board to look into the subject with the necessary anticipation given the importance of the position, without this having an impact on future discussions,” the statement said.

The company added that it’s possible Tavares will stay on longer.

More:Finance

Recommend

Superflares could be more common than thought: Are they something else to worry about?

Add solar superflares to the list of natural disasters of concern.Superflares are extremely strong s

Find Your Signature Scent at Sephora's Major Perfume Sale, Here Are 8 E! Shopping Editors Favorites

We independently selected these deals and products because we love them, and we think you might like

China showed greater willingness to influence U.S. midterm elections in 2022, intel assessment says

Washington — China intensified its efforts to influence political processes in the United States dur