Outgoing CEO Tavares clashed with Stellantis board, Reuters reports

Outgoing CEO Carlos Tavares clashed with Stellantis (STLA)’ board over his plans to turn around its U.S. business by cutting costs rather than focus on a long-term strategy, Giulio Piovaccari and Alessandro Parodi of Reuters reports, citing investors and bankers familiar with the matter. Back in September, Stellantis said Tavares would retire in early 2026, at the end of his current term, and the process to select a new CEO was initially set to be completed by the final quarter of next year. Disagreements between Tavares and the board over how to resolve the crisis, however, quickly deepened since then.