Intelligibility Finance learned that carmaker Stellantis (STLA.US) on Wednesday denied media reports that it planned to appoint Luca Maestri, Apple's (AAPL.US) soon-to-be former CFO, as its new CEO. Earlier media reports said Stellantis chairman John Elkann planned to appoint Maestri after CEO Carlos Tavares' departure. However, a Stellantis spokesperson said: "That's not true."
Earlier, Tavares announced his resignation after a dispute with the company's board over strategies to address sales weakness and a stock price plunge. Tavares was known for his cost-cutting initiatives. Tavares' ability to impress investors during his promotion at Renault, but he faced criticism during his tenure at Stellantis for quality issues and delayed model launches stemming from cost-cutting.
Tavares was expected to replicate his early success at Renault by improving the company's efficiency by reducing the number of car platforms and cutting jobs. However, tensions have escalated in recent months, with unions warning that cost-cutting measures have led to quality issues and delays in key new model launches. In the U.S., dealers accused Tavares of damaging the image of brands such as Jeep, Dodge, Ram and Chrysler.