Stellantis begins search for Carlos Tavares' successor: Report

Stellantis said on Monday that it has begun looking out for Carlos Tavares' successor, as his contract is slated to expire in 2026, Reuters said. The auto firm noted that it has however not ruled out the possibility of Tavares extending his term, the newswire reported. 

Tavares has been mandated to course-correct the firm's declining North American operations, with record falls in sales and profit, that have led the firm's share price to nosedive. 

Tavares, who was named top boss in 2021, has been a part of several automakers including Renault, PSA and Nissan, the newswire noted.

The firm is looking to bolster its positioning in North America by cutting inventories and vehicle prices, the group's Chief Financial Officer Natalie Knight said at a BofA Securities virtual conference earlier on Monday. Reuters attributed the first news break to Bloomberg.