2 days ago
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The brag of car making elephantine Stellantis - which owns brands including Vauxhall, Jeep, Fiat and Peugeot - has stepped down with contiguous effect.
Carlos Tavares' abrupt exit comes 2 months aft Stellantis issued a nett warning.
Last week, the steadfast besides announced plans to adjacent its Vauxhall van making mill successful Luton, putting astir 1,100 jobs astatine risk.
In a connection announcing Mr Tavares' departure, Henri de Castries, Stellantis’ elder autarkic manager said "in caller weeks antithetic views person emerged which person resulted successful the Board and the CEO coming to today’s decision."
Before his resignation, Mr Tavares was 1 of the astir almighty radical successful the planetary centrifugal industry.
He had a estimation arsenic a ruthless cost-cutter, archetypal astatine the French radical PSA – then, pursuing its merger with Fiat Chrysler successful 2021 – astatine Stellantis.
He often made headlines successful the UK by casting uncertainty implicit the aboriginal of Vauxhall operations successful the UK, linking it to issues specified arsenic Brexit and authorities plans to unit car makers to physique much electrical cars.
It is not yet wide whether his departure volition impact the planned closure of Stellantis' Luton plant.
Mr Tavares’ presumption had been undermined precocious by a melodramatic autumn successful income and profits astatine the company.
Stellantis' stock terms has fallen by 40% since the commencement of this year.
In September, the institution said it had started to look for Mr Tavares' successor, but helium was expected to enactment successful his relation until astatine slightest 2026.
Stellantis said it present expected to name a caller main enforcement by the mediate of adjacent year.
In the meantime it volition acceptable up a a caller interim enforcement committee, led by the firm's chairperson John Elkann.
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