Stellantis CEO Carlos Tavares faced criticism over aggressive cost-cutting and failure to adapt to U.S. market needs, leading to his abrupt resignation. Tavares’ focus on aggressive cost-cutting, achieving double-digit profit margins, and his disregard for input from U.S. executives were cited as key factors behind Stellantis' struggles and his recent departure. Sources described his short-term profit-driven approach as detrimental to the company's products, workforce, and stakeholder relationships. Stellantis shares fell over 40% in 2024, lagging behind competitors GM and Ford. The board cited "different views" with Tavares as the reason for his exit.
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00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Stellantis CEO Carlos Tavares faced criticism over aggressive cost-cutting and failure
00:07to adapt to U.S. market needs, leading to his abrupt resignation.
00:10Tavares' focus on aggressive cost-cutting, achieving double-digit profit margins,
00:15and his disregard for input from U.S. executives were cited as key factors
00:18behind Stellantis' struggles and his recent departure.
00:22Sources described his short-term, profit-driven approach as detrimental to the company's
00:26products, workforce, and relationships with stakeholders.
00:29Stellantis shares fell over 40% in 2024, lagging behind competitors GM and Ford.
00:34The board cited different views, with Tavares as the reason for his exit.