Stellantis Confirms CEO Carlos Tavares to Retire in 2026

Stellantis confirms CEO Carlos Tavares will retire at the end of his contract in 2026 and that it hopes to announce a successor by the end of next year.

The automotive group, which has issued a profits warning for 2024 following challenges from sales slowdowns in U.S. and China markets amid a surplus of products sparking discounts, also announces a senior management reshuffle that sees its top China executive move up the pecking order.

Doug Ostermann is appointed chief financial officer succeeding Natalie Knight, who leaves the company. Ostermann has more than 19 years’ experience in finance across three international groups and previously was Stellantis China’s chief operating officer.

Other moves include Antonio Filosa appointed North America chief operating officer in addition to his role as Jeep brand CEO after having led Stellantis’ South America Region, driving increased revenue, quality and market share.

In a company statement, Tavares says: “During this Darwinian period for the automotive industry, our duty and ethical responsibility is to adapt and prepare ourselves for the future, better and faster than our competitors to deliver clean, safe and affordable mobility. The newly appointed leadership team members will make their valuable contributions to our overall team’s determination to tackle the challenges ahead, reinforcing and accelerating our transformation to become the preferred mobility tech company. I would like to thank everyone who contributed to lay the foundations for Stellantis’ future success.”

At the same time, the automaker announces that, even in its core European market, it experienced “challenges” in the third quarter of 2024.

It closes the quarter with a 17.6% market share in EU29 markets year-to-date September and maintained its strong position as the second largest automaker in the European ranking. Stellantis says Dodge and Jeep brands performed especially well, increasing in sales year-over-year.

In a slowing electrified market, it reports growth with its electrified products, including battery-electric vehicles, plug-in hybrids and mild hybrids.

Its BEVs captured a 13% year-to-date share in expanded Europe while, in France, volumes grew over 34%, with the Peugeot e-208 being the best-selling BEV in the first nine months of the year.

Double-digit growth also was recorded in the U.K., where Stellantis is the leading electric van manufacturer with its Vauxhall-branded vehicles.