Jeep and Chrysler Parent CEO Fired

By Douglas A. McIntyre Published Dec 2, 8:15AM EST

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Jeep and Chrysler Parent CEO Fired — © jetcityimage / iStock Editorial via Getty Images

Key Points

After months of the company’s poor U.S. performance, the CEO of Stellantis N.V. (NYSE: STLA | STLA Price Prediction) has been fired.
Weak U.S. sales and a failure in the electric vehicle sector cost him his job.

After months of the company’s poor U.S. performance, the CEO of Chrysler, Jeep, Dodge, and Ram parent Stellantis N.V. (NYSE: STLA) has been fired. He leaves the company immediately. Stellantis will seek a replacement, which means the board probably did not think anyone inside was qualified. That speaks volumes about what the board thinks of the manufactured senior management bench.

Carlos Tavares has been chief executive officer since January 2021 and was scheduled to stay for another year. The company, the fourth largest car manufacturer globally, also owns Peugeot, Opel, and Fiat. It was founded in January 2021 and is based in Italy.

What Happened?

Weak sales and EV troubles.

While slow Europe sales have hurt Stellantis, weak U.S. sales and a failure in the electric vehicle (EV) sector cost the CEO his job.

Stellantis saw U.S. sales drop 20% in the third quarter year over year to 305,294. This was when rivals GM and Ford posted improved sales, although each struggled with EV sales.

U.S. Jeep sales were down a modest 6% in the third quarter to 144,963. Ram sales were off 19% to 108,925. The full-sized pickup brand competes with Ford’s F-150 and Chevy’s Silverado, among the best-selling brands in America.

Sales of Dodge’s muscle car division dropped 43% to 26,559, and those of Chrysler’s minivan division declined by 47% to 22,482.

In a sign of its troubles in the United States, Stellantis recently delayed the electric version of the Ram. It did, however, say it would have EV models of the Dodge and Chrysler models. However, Tesla has 50% of the U.S. EV market. Ford, GM, and Hyundai/Kia are well ahead of the Stellantis brands in terms of sales.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.