Carlos Tavares He is one of the strong men of the global automobile industry. The Portuguese took charge of the PSA Group in 2014 and became CEO of Stellantis when this joint company was formed in 2021.
Now he continues to command Stellarwith its 14 brands, and is one of the highest paid executives in the sector, but he is already 66 years old and is thinking about retirement, although it is a difficult time for the company. Stellantis has confirmed that he will step down as CEO in early 2026.
Carlos Tavares will leave Stellantis when his contract ends
Carlos Tavares has been one of the heavyweights of the global automobile industry for years. After passing through Renault and Nissan, the Portuguese arrived at the PSA Group in 2014 and in 2021, after the merger of PSA and FCA, he became the Stellantis CEO when this joint venture was created.
Over the last few years, his figure has gained even more weight, being one of the leading voices when it comes to talking about the delicate situation that the automobile sector is going through in Europe and the unstoppable advance of Chinese brands in our market. But the Portuguese manager is now 66 years old, so he is thinking about ending his professional career to retire.
Stellantis ha confirmed that Carlos Tavares will retire at the end of his term as CEO early 2026that is, when your contract ends. Meanwhile, Stellantis assures that “the formal process to identify a successor to Carlos Tavares is already underway” and clarifies that “this is being led by a Special Committee of the Board chaired by John Elkann and will complete its work in the fourth quarter. of 2025”.
“During this Darwinian period for the automobile industry, our duty and ethical responsibility is to adapt and prepare for the future, better and faster than our competitors to offer clean, safe and accessible mobility,” said Carlos Tavares.
“The new members of the leadership team will make their valuable contributions to our team’s overall determination to address the challenges ahead, strengthening and accelerating our transformation to become the mobility tech company of choice. I would like to thank everyone who has contributed to laying the foundation for the future success of Stellantis,” adds the company’s still CEO.
The truth is that Stellantis is not going through a good time, as Tavares himself said in the middle of the year, when he confirmed that the company is not meeting 2024 expectations. The Portuguese businessman has also made it clear that whatever will have to be done necessary to survive and part of its strategy is to do things like the Chinese brands to be able to compete against them with all the brands of the Stellantis Group, even by letting down the companies that do not make profits.
Despite this panorama, which in recent weeks has worsened with factories paralyzed and the Italian government confronted with Stellantis, Carlos Tavares is one of the highest paid executives in the sector. Last April, the general meeting of Stellantis shareholders gave the go-ahead to raise the salary of the company’s CEO to 36.5 million euros, so that he earns about 100,000 euros a day between the fixed salary and variable bonuses.
It is true that the 14 Stellantis brands together obtained record profits of 18.6 billion euros in 2023but everything indicates that 2024 is going to be completely different because the company’s net profit fell by 50% in the first half of 2024, with a determining market especially affected, that of the United States. The new CEO of Stellantis will therefore have a lot of work.
Source: www.motorpasion.com
