Stellantis CEO Resigns Amid Board Disputes, Fiat Heir Takes Charge

Stellantis CEO Carlos Tavares resigned after clashing with the board over his cost-cutting strategy to quickly turn around the struggling US business, leading to a 10% drop in the company's shares. The board was concerned that Tavares' focus on short-term solutions was harming the company's long-term interests, including relationships with US dealers and the United Auto Workers union. The board is considering internal candidates Antonio Filosa and Maxime Picat for the CEO position. Tavares' departure highlights deep-rooted issues within Stellantis, including challenges in meeting EU emissions targets.