Struggling Jeep and Ram Maker Stellantis is Searching for a New CEO

CHICAGO, ILLINOIS – FEBRUARY 09: Stellantis shows off their Ram truck lineup at the Chicago Auto Show on February 09, 2023 in Chicago, Illinois. The show, which is the nation’s largest and longest-running auto show, opens to the public on February 11. (Photo by Scott Olson/Getty Images)

DETROIT (AP) — Struggling Jeep and Ram maker Stellantis is looking for a CEO to succeed Carlos Tavares, but the company says it’s just part of a normal leadership succession plan. Tavares has been under fire from U.S. dealers and the United Auto Workers union after a dismal first-half financial performance. The company was caught off guard with too much high-priced inventory on dealer lots. As head of PSA Peugeot, Tavares took control of the Netherlands-based company in January of 2021 when it merged with Fiat Chrysler. Its North American operations had been the company’s main source of profits, but have struggled this year. In a statement Monday, Stellantis said it’s not unusual for a board to look for a CEO successor. Tavares’ five-year contract is just over a year from expiring in 2026.