Stellantis seeks new CEO as Tavares faces pressure due to profit drop and U.S. sales decline.

Stellantis, the parent company of Jeep and Ram, is seeking a new CEO to replace Carlos Tavares, whose contract expires in 2026. The company is under pressure due to a 48% drop in first-half profits and a 16% decline in U.S. sales, largely attributed to high inventory levels. Tavares has faced criticism from U.S. dealers and the United Auto Workers union. Stellantis is focusing on reducing dealer inventory and has delayed factory openings amid these challenges.

September 23, 2024
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