Stellantis is shaking up its leadership. The company announced today that CEO Carlos Tavares will retire at the end of his contract in 2026, and a host of other executives are being shuffled around immediately. The changes come as Stellantis struggles to manage its US auto business, which includes Chrysler, Jeep, Dodge, and Ram. The company is actively looking for Tavares’ successor.
While the company was profitable in 2023, it’s been slow to adopt electric vehicles compared to almost every other automaker, and prices of popular models under Jeep and Ram started to skyrocket. Now, Stellantis has cut its profit forecast for the year, and its stock is falling. The automaker is accused by its dealership partners of degrading its American brands, slowing timelines between products, and not releasing affordable vehicles.