FCA And PSA Merger Officially Complete; Stellantis Appoints Carlos Taveras As Its New CEO

Carlos Tavares has been appointed as chief executive officer (CEO) of Stellantis - the merger brand of Fiat Chrysler Automobiles (FCA) and Group PSA, after both brands officially finalised the collaboration. This 50:50 merger has made Stellantis one of the biggest automakers in the world with 15 brands under its umbrella. From FCA's side, the brands include Abarth, Alfa Romeo, Chrysler, Dodge, Fiat, Fiat Professional, Jeep, Lancia, Ram and Maserati. And on PSA's side, it'll be Peugeot, Citroen, DS, Opel and Vauxhall.

Also Read: After Long Journey, Fiat Chrysler And PSA Seal Merger To Become Stellantis

The merger between both brands has improved synergies for both companies.

Speaking about his new appointment, Tavares said, "Stellantis is establishing efficient governance from day one with the appointment of the Top Executive Team, together with the nine dedicated committees covering company-wide performance and strategy. This highly competitive, committed and well balanced team will leverage its combined skills and diverse backgrounds to guide Stellantis, to become a great company." Tavares is one of the veterans in the auto industry and has held various positions within the Renault Group between 1981 and 2004 and had then joined Nissan. Tavares was also selected as Executive Vice President, Chairman of the Management Committee Americas and President of Nissan North America in 2009, before being appointed as Chief Operating Officer of Renault, where he served till 2013. Moreover, Tavares served as Chairman of the PSA Managing Board from March 31, 2014.

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The merger between both brands has improved synergies for both companies and Stellantis is targeting to launch 39 electrified vehicles by the end of 2021. The Company expects to leverage its size and economies of scale as an enabler to invest in innovative mobility and is targeting annual synergies of more than 5 billion Euros at a steady state.