Stellantis N.V. stock is trading lower on Monday. The company announced that its CEO, Carlos Tavares, has resigned.

What To Know: The company has established a new Interim Executive Committee, chaired by John Elkann, who is also the Chairman of the Board, to temporarily oversee leadership responsibilities until a permanent CEO is appointed.

“Our thanks go to Carlos for his years of dedicated service and the role he has played in the creation of Stellantis ( STLA ), in addition to the previous turnarounds of PSA and Opel, setting us on the path to becoming a global leader in our industry,” said Elkann.

“I look forward to working with our new Interim Executive Committee, supported by all our Stellantis ( STLA ) colleagues, as we complete the process of appointing our new CEO. Together we will ensure the continued deployment of the Company’s strategy in the long-term interests of Stellantis ( STLA ) and all of its stakeholders.”

Stellantis ( STLA ) expects to appoint a new permanent CEO during the first half of 2025. The search process is already underway and will be overseen by a Special Committee of the Board.

The company confirmed its guidance from the end of October for the 2024 fiscal year.

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STLA Price Action: At the time of publication, Stellantis ( STLA ) stock is trading 7.12% lower at $12.26, according to data from Benzinga Pro.

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