Stellantis: CEO Carlos Tavares resigns. 100 million euro settlement

The CEO of Stellantis, Carlos Tavares, has resigned. This was announced by the Bloomberg agency. The decision was made known this evening, after a Stellantis board of directors accepted the resignation.

“Different views have emerged in recent weeks which have led the Board and CEO to today’s decision,” commented Stellantis Senior Independent Director Henri de Castries. Prime Minister Giorgia Meloni and the President of the Republic Sergio Mattarella were personally informed of the resignation by President John Elkann.

Elkann: “We are grateful to Carlos”

“Stellantis NV (“Stellantis” or “the Company”) announces that the Board of Directors, meeting today under the chairmanship of John Elkann, has accepted the resignation of Carlos Tavares as Chief Executive Officer with immediate effect.” This can be read in a note published on the automotive group’s website which continues: “The process for the appointment of a new permanent CEO is already underway, managed by a Special Committee of the Board, and will be concluded by the first half of 2025. In the meantime , a new Executive Committee chaired by John Elkann will be established.

“Stellantis confirms the guidance presented to the financial community on 31 October 2024 in relation to its full-year 2024 results. Stellantis Senior Independent Director, Henri de Castries, commented: “The success of Stellantis since its creation has been based on a perfect alignment between the relevant shareholders, the Board and the CEO. However, in recent weeks they are different views emerged which led the Board and the CEO to today’s decision.”

The President John Elkann stated: “We are grateful to Carlos for his ongoing commitment over the years and for the role he played in the creation of Stellantis, in addition to the previous relaunches of PSA and Opel, starting our journey to become a global leader in the sector. I intend to get to work on our new one right away Interim Executive Committee, with the support of all our colleagues at Stellantis, as we complete the process of appointing the new CEO. Together we will ensure the timely implementation of the Company’s strategy in the long-term interests of Stellantis and all its stakeholders.”

Gold liquidation

The severance pay for Carlos Tavares, who yesterday resigned from his position as CEO of Stellantis, could amount to around 100 million euros. The figure is not confirmed by the company, and emerges from a series of rumors which at the moment have no basis. This is an approximate calculation as it should take into account not only a series of evaluation parameters to define the amount of the compensation, but also the fact that the Portuguese manager’s contract actually expired in 2026. He therefore resigned with a year in advance. In 2023, the CEO had earned 23.47 million euros before taxes