Stellantis’s Carlos Tavares: the hard-driving boss ejected from global carmaker

A picture


Carlos Tavares is known as one of the most outspoken leaders in the car industry,Among the executive class, the former Stellantis chief executive is also considered to be one of the best drivers of its products on the track,He used a similarly hard-driving style in the board room, constantly pushing his managers and factories to deliver bigger profits,Yet after his enforced departure from the global carmaker, it appears Tavares may have been better off applying the brakes than charging ahead,Stellantis announced Tavares’s resignation with immediate effect on Sunday.

In a statement, Henri de Castries, Stellantis’s senior independent director, made it clear that “different views” were behind his departure.In a sign of the discord, there was no statement from Tavares.Shares fell more than 6% on Monday.The global car industry has been struggling this year with falling demand in its key markets, at the same time as it spends heavily to switch to electric vehicles – all the while fending off increasing competition from China.For Stellantis, owner of brands ranging from Fiat and Chrysler to Peugeot, Opel and Jeep, the pressures became clear in September when it shocked investors with a profit warning.

A buildup of unsold cars in North America – priced too high, according to analysts – plus delays to European car launches were major factors in the company saying it would burn through between €5bn (£4.2bn) and €10bn this year.Tavares was against issuing such a stark warning, according to a person with knowledge of internal discussions, arguing instead that Stellantis could make steep cost cuts and actually generate cash during the year.Yet the board is said to have felt that making cuts now would have stored up problems for next year and beyond.Tavares’s ruthless approach, which the Stellantis board was said to have rejected, was honed under another Carlos: Carlos Ghosn, the former head of the Nissan-Renault alliance, who was known as “le cost killer”.

Tavares shared many of the same instincts and was promoted rapidly through Renault.However, the protege turned rival when Tavares said in a 2013 interview that he wanted to lead a global carmaker.Tavares achieved that goal less than a year later when he left Renault for French-dominated competitor Peugeot, which also owned Citroën, Opel and Vauxhall.His successful turnaround of the group made him one of the most prominent voices in the global car industry.Yet his ambitions did not stop there.

When the Agnelli industrial dynasty and its Fiat Chrysler group came calling, Tavares led the 2019 merger talks and was appointed to lead one of the world’s largest carmakers.It allied one of Detroit’s big three carmakers with one of Europe’s biggest.One of the most striking things about Tavares’s fall was its speed: less than a year ago Stellantis reported record net profits of €11.8bn.Yet it quickly became clear the profits were unsustainable and, in September, Tavares said he would retire in 2026.

Analysts led by Daniel Roeska at Bernstein, an equity research house, said the decline in North America undermined Tavares’s credibility, while 30% of investors had already in April balked at a pay package worth nearly €37m that was considered by some as a warning sign.Sign up to Business TodayGet set for the working day – we'll point you to all the business news and analysis you need every morningafter newsletter promotionTavares’s legacy will be divisive – not least in the UK where one of his last acts was announcing the closure of a Vauxhall van factory at Luton, putting 1,100 workers at risk of redundancy or relocation.However, several people said there was little chance of Stellantis making a U-turn on that decision, even with Tavares’s departure, because the company still has too much spare van-making capacity in Europe.In the US, some executives, hard-pressed suppliers and workers will also be breathing a sigh of relief.The United Auto Workers claimed a victory on his departure, and will look forward to a more conciliatory approach.

The union’s president, Shawn Fain, said in a statement: “Tavares is leaving behind a mess of painful layoffs and overpriced vehicles sitting on dealership lots.”One person who has worked with him said that he is a “visionary” who deserves credit for turning around Peugeot and building Stellantis into a global player.However, another said that, despite his undoubted intelligence, the seeds of his downfall were sown in the merger that created Stellantis, an unwieldy beast with 14 separate brands and cultures that have not been fully integrated.Instead, John Elkann, the scion of the Agnelli interests who chairs the Stellantis board, will chair an interim executive committee.The board room bust-up leaves 66-year-old Tavares unable to add another corporate turnaround to his record.

A picture

José Pizarro’s Christmas recipe for seafood fideuà

Bring a taste of the Spanish coast to your kitchen with this vibrant dish that captures the essence of Spanish cookery. Treat yourself to a glass of fino while the pasta soaks up the saffron-rich shellfish broth, smoked pimentón and juicy tomatoes, while the monkfish, squid, prawns and clams come together in one pan for a beautifully simple, rustic meal. This is definitely one to enjoy with friends and family.Prep 15 minCook 30 minServes 4-63 tbsp olive oil 1 large onion, peeled and finely sliced2 large tomatoes, halved, grated and skins discarded3 garlic cloves, peeled and finely sliced1 pinch saffron strands ½ tsp smoked pimentón 8 baby squid, cleaned, or 2 medium squid, cleaned and sliced300g monkfish tail, cut into chunks250g fideuà pasta, or broken vermicelli 500ml good shellfish stock Sea salt and black pepper 8 shell-on prawns 250g live clamsPut the oil in a large, shallow casserole or paella pan on a medium heat, add the onion and saute gently for five minutes, until softened. Add the tomatoes and garlic, cook for a minute more, then stir in the saffron and pimentón

A picture

Rachel Roddy’s recipe for red cabbage, apple and chestnut pie with ricotta pastry | A kitchen in Rome

A smooth head of cabbage is much more useful, I think, than a bag of leaves as a quick salad option. With just a bit of shredding, salt and a few scrunches, a quarter of a cabbage becomes a voluminous and bright slaw. It is only slightly more work to pull out the box grater to add a coarsely grated carrot, apple or small amount of fresh horseradish to the shredded heap. Alternatively (and this is a suggestion from the wonderful Margaret Costa), chopped dried apricots, walnut halves and orange segments are extremely nice in a cabbage salad, maybe dressed with olive oil, red-wine vinegar, honey and lemon zest.The Macedonian-British writer Irina Janakievska, meanwhile, has introduced me to the pleasure of grated beetroot with a mass of salted cabbage

A picture

Mulled cider recipe by Bert Blaize and Claire Strickett

Warming, Christmassy spices work so much better with sharp, mouth-smacking cider than with wine, and the result is less alcoholic, too – ideal for anyone pacing themselves over the long party season.Serves about 20lemons 2clementines 3cinnamon sticks 2 cloves 6 star anise 2 cardamom pods 2, lightly crushed with the flat of a large knifevanilla pods 2, split lengthwaysfresh ginger 50g, finely choppedgood, dry cider 4 litres dark brown sugar 500g, or less, to tastePeel the lemon in large strips, being careful to leave behind as much of the pith as possible. Peel the clementines, reserving the flesh. In a heavy-based frying pan over a very low heat, toast the lemon peel, clementine peel, cinnamon, cloves, star anise, cardamom, vanilla and ginger for about 10 minutes, constantly moving everything around in the pan so nothing can catch and burn. Once the aromas of the spices start to fill the air, tip into a bowl and set aside

A picture

Nigel Slater’s recipe for speck and parmesan muffins

If you don’t mind a bit of last-minute cooking, may I suggest you serve these warm? Light, cheesy, rosemary-scented little cakes, they are infinitely more delicious when served from the oven, like their sweet cousin, the madeleine.You could bake them an hour before you plan to eat, keeping them warm in the switched-off oven or, should the oven be busy, wrapped loosely in tin foil still in their baking tin. Ideally, though, they are meant as breakfast muffins, something to serve on Boxing Day morning.Makes 12plain flour 275gcaster sugar 1 tbspbaking powder 2 tspapple 1, medium-sizedeggs 3yoghurt 175mlspeck 200gparmesan 75g, finely gratedTo finishparmesan 1 tbsp, finely gratedrosemary leaves 1 tbsp, choppedpine nuts 2 tbspSet the oven at 180C fan/gas mark 6.Line 12 bun tins with paper muffin cases

A picture

Parmesan biscuits recipe by Matt Christmas

We have been making these at Chez Bruce for many years. I think the recipe was originally based on one from the Baker & Spice deli in London – sadly no longer open. The biscuits are best started at least a day before needed as the soft dough needs to firm up in the fridge before slicing and baking.They’re delicious with champagne, dry sherry, or even an off-dry riesling.Makes about 30 biscuitsparmesan 175g, finely gratedunsalted butter 160g, softenedsalt ½ tspbaking powder ¾ tspsmoked paprika ½ tspcayenne ¼ tspfreshly ground black pepper a littleplain flour 200gegg 1, beatennigella, sesame and caraway seeds 60-70g (total weight)sea saltMix together the parmesan, butter, salt, baking powder, paprika, cayenne and black pepper

A picture

Marie Mitchell’s jerusalem artichoke fritters with clementine sauce recipe

For the season that often screams indulgence, I like to search out the light, and these fluffy fritters are a delight that even my toddler will devour. They pair perfectly with the citrus of the moment, but you can easily substitute for other orange varieties, and still get that delicious sweet tang.Serves 4 as starters, or 6-8 as canapésjerusalem artichokes 250g, scrubbed and gratedcarrot 1 medium, peeled and gratedbrown onion 1 small, thinly slicedcornmeal 30g plain flour 70g salt ½ tsp white pepper ¼ tspallspice ¼ tsp all-purpose seasoning ¼ tsp garlic 2 cloves, peeledeggs 2 sunflower oil for fryingseedless clementines 250g, peeled weightghee or unsalted butter 10g lemon juice 1 tsp ground ginger 1 tsp salt a pinch cornflour 1 tspPlace the grated jerusalem artichokes and carrot, and sliced onion in a mixing bowl.Add the cornmeal, flour, salt and spices, before grating in the garlic and mixing through with a spoon.Whisk your eggs and fold into your bowl with the artichoke mix