Stellantis, seeking to revive sales, makes some leadership changes
Stellantis, which makes Jeep and Chrysler vehicles, has announced a number of key leadership changes, including the timing of CEO Carlos Tevares’ retirement and the departure of its chief financial officer, as the company struggles to grow sales in Northern Australia to breathe new life into.
Stellantis, which makes Jeep and Chrysler vehicles, has announced a number of key leadership changes, including the timing of CEO Carlos Tevares’ retirement and the departure of its chief financial officer, as the company struggles to grow sales in North America. to revive America.
Chief Financial Officer Natalie Knight will be replaced by Doug Ostermann, the company’s Chief Operating Officer in China. In addition to appointing Ostermann’s replacement in China, Stellantis also appointed a new Chief Operating Officer in Europe.
Stellantis is the world’s fourth-largest automaker and announced in September that it was looking for one successor for Tevares, 66, as part of a planned leadership change. Tavares’ five-year contract expired just over a year past its expiration date in 2026, but the company said at the time it was possible he would remain in the role beyond that.
The company said late Thursday that Tavares will step down in early 2026.
Tavares is under fire from American dealers and the United Auto Workers union after dismal financial performance this year, overwhelmed by too many expensive vehicles on dealer lots. Tavares tries to reduce costs by postponing factory openings, to take off union workers and offering buyouts to salaried employees.
Stellantis lowered its profit forecast Last month it said it needed to make bigger investments to refocus its US operations amid a broader industry slump and increased competition from China.
Stellantis said at the time it was accelerating efforts to improve operations in North Americabringing dealer inventory levels to no more than 300,000 vehicles by the end of the year, instead of the first quarter of 2025 as previously planned.
Stellantis was formed in 2021 from the merger of PSA Peugeot and Fiat Chrysler Automobiles. A statement said the formal process to find Tevares’ successor has already begun. The process is led by a special committee of the board and will complete its work in the fourth quarter of 2025.
Shares of Stellantis fell more than 3% before the market opened on Friday.