According to Zhituo Finance, auto manufacturer Stellantis (STLA.US) denied media reports on Wednesday, which stated that the company plans to appoint departing apple chief financial officer Luca Maestri as the new CEO. Earlier media reports indicated that after CEO Carlos Tavares' departure, Stellantis chairman John Elkann planned to appoint Maestri. However, a spokesperson for Stellantis stated, "This is not true."

Previously, Tavares announced his resignation due to disagreements with the board of directors regarding strategies to address sluggish sales and plummeting stock prices. Tavares was known for his cost-cutting measures. His capabilities demonstrated during his tenure at Renault impressed investors, but he faced criticism during his time at Stellantis over quality issues and delays in vehicle launches caused by cost-cutting.

In the early days of Tavares' tenure as CEO of Stellantis, there were hopes that he could replicate his success at Renault by increasing company efficiency through reducing the number of auto platforms and downsizing. However, in recent months, tensions have escalated, with unions warning that the company's cost-cutting measures have led to quality issues and delays in key new model launches. In the usa, dealers accused Tavares of damaging the reputations of brands such as Jeep, Dodge, Ram, and Chrysler.