The exit from Stellantis by Carlos Tavaresmore than a year ahead of schedule, creates fibrillation on the financial markets causing the stock to collapse, but above all it is at the center of attention of the political world, the trade unions and the group’s workers. John Elkann, which is located in Detroit, is already working to define the route, but the new CEO will not arrive immediately and none of the names hypothesized so far, from Luca De Meo to Jean-Philppe Learned to Antonio Filosaseems to be the right one.
« The company is moving in a difficult context and in Italy in November it recorded a new sharp drop in sales of 24.6%. So to manage the transition, an interim Executive Committee has already been appointed, chaired by Elkann who he has called as his Special Advisor Richard Palmer, financial manager of the company until 2023 and great expert on the American market. The Stellantis stock on Piazza Affari had a day to forget, closing down 6.3% and losing almost 9% during trading. The news of Tavares’ exit was “very negative and completely unexpected” for analysts: the financial community still trusted him and his ability to manage.
The attention of the political world is high. The Minister of Business and Made in Italy, Adolfo Urso had a telephone conversation with Elkannconnected from the United States. On 17 December, the Stellantis roundtable is confirmed at Mimit, in whichimpresa will participate «with the mandate to positively close the discussions» on the Italy Plan.
«We will do our best to defend employment and related industries. We have a table with Stellantis convened in mid-December, we hope it will be the decisive one”, the prime minister said in the evening Giorgia Meloni which underlines “the battles of the French and American unions, while compared to these cries our union – he adds – was a little toneless”.
There is strong pressure on Elkann from the majority and the opposition to go to Parliament. A formal request comes from the opposition group leaders in the Chamber’s Productive Activities Commission, Vinicio Peluffo (Pd), Emma Pavanelli (M5s), Francesca Ghirra (Avs) and Fabrizio Benzoni (Action). The president of the Productive Activities commission of the Chamber Alberto Gusmeroli sent Elkann a letter requesting his hearing. «As an Italian I am offended by the management of the Elkann. What is happening is simply disgusting.
An economic collapse, which was also foretold thanks to the insane pseudo-green policies imposed by Brussels” says Deputy Prime Minister Matteo Salvini.
From the American headquarters in Auburn Hills John Elkann sends a message to employees to explain what happened. «With Carlos we have come a long way and achieved important results. I will always be grateful for the role he played in the creation of Stellantis. However, our board of directors decided, for the good of the company, that the time had come to part ways”, says Elkann who invites workers to “look ahead, focus on the next chapters, focus on our customers and focused on continuing to build a great company.”
The unions hope that the exit of Tavares, with whom relations were not easy, will allow a change of pace. “We will not miss Tavares, he never believed in union relations. He delocalised, he held back investments in Italy, he went so far as to challenge the State. His resignation will bring about a turning point”, states the general secretary of the CISL Luigi Sbarra, while the leader of the CGIL Maurizio Landini, asks that the Prime Minister convene Stellantis and the unions “to discuss which industrial policies and which investments are made in our country”. unfortunately disastrous for employment and for the company. We expect discontinuity and courage in the future”, adds the general secretary of Uil, PierPaolo Bombardieri, there is also Tavares’ severance pay estimated at 100 million. According to some estimates, he has received an annual salary of around 40 million euros in recent years.