Italy’s deputy prime minister Matteo Salvini criticized the Agnelli family for Stellantis’ troubles, alongside former CEO Carlos Tavares. Tavares resigned abruptly after weak sales and the announced closure of Stellantis’ Vauxhall plant in the UK.
The Agnelli family, founders of Fiat and Stellantis’ largest shareholder with a 14.2% stake via their company Exor, faces scrutiny. Salvini argued that the company’s reliance on Italian state funds while shifting production abroad reflects poor ownership decisions. Stellantis has repeatedly halted production at Italian plants and will furlough workers at its Termoli plant from December 16 to 22.
Stellantis’ Leadership and Italian Identity Under Fire
Founded in 2021 through a merger of Fiat Chrysler and PSA Group, Stellantis owns brands like Dodge, Peugeot, and Maserati. Critics, including Salvini and Prime Minister Giorgia Meloni, claim Stellantis is now “more French than Italian” despite receiving significant Italian funding.
Meloni accused John Elkann, an Agnelli heir, of ignoring Italian national interests and pledged to protect Stellantis employees from layoffs. Salvini condemned Elkann for avoiding Italy’s parliament and criticized Tavares for mismanaging the company.
Tavares’ Resignation Amid Weak Sales
Tavares resigned following declining sales, particularly in North America, coupled with rising inventory and layoffs at US plants. Differences with Stellantis’ board also contributed to his exit.
John Elkann was named interim CEO, but Stellantis has yet to appoint a permanent replacement. Speculation about Apple’s outgoing CFO Luca Maestri taking over was denied by Stellantis.