Stellantis (STLA, Financial), the world's fourth-largest automotive group, saw its shares decline by over 8% to $12.08. The company announced that its CEO, Carlos Tavares, has unexpectedly resigned, effective immediately. The board has accepted his resignation and is in the process of appointing a new CEO, which is expected to be completed by the first half of 2025.
In the interim, Stellantis has established a new temporary executive committee, chaired by Chairman John Elkann, to oversee operations. The company aims to ensure a smooth transition during this period.
