Tavares says 'amicable' Stellantis exit was due to disagreements on strategy

LISBON (Reuters) - Carlos Tavares, who abruptly resigned as CEO of carmaker Stellantis (NYSE:STLA ) on Dec. 1, said his "amicable" departure was motivated by disagreements with the board over strategy, in an interview published late on Thursday.

He did not go into details on his differences with the board of the Franco-Italian automaker, but told Portuguese newspaper Expresso the decision on his exit had been made jointly between him and chairman John Elkann.

Sources familiar with the matter have told Reuters his sudden ouster was triggered by targets set by Tavares that were deemed unrealistic or destructive by some board members.

Tavares told the newspaper that the main concern had been to "protect the company so that a difference in points of view wouldn't create the risk of misaligning the company".

"A company that has 250,000 employees, revenues of 190 billion euros, 15 brands that it sells all over the world, is not a company that can be managed with a lack of alignment - which immediately has an impact on strategic management," he added.

Asked if he felt hurt by the outcome, he replied: "No, not at all". He said he would act the same way if he could go back in time.

Previously regarded as one of the most respected executives in the auto industry, Tavares' approach came under scrutiny after slumping sales in North America led the automaker in September to issue a profit warning on its 2024 results.

Dealers, industry experts, and customers say Stellantis had priced itself out of the market in both the United States and Europe under Tavares' leadership.



In the interview - the first one granted since his resignation - Tavares described the current moment in the auto industry as the beginning of a "Darwinian" period.

"When you're facing a storm, you have to steer the boat according to the waves. You can't have a discussion about the best way to face them."

Source: Investing.com