Carlos Tavares has become CEO of the world’s fourth-largest car manufacture, following a merger between Fiat Chrysler and PSA Peugeot
The Portuguese business executive Carlos Tavares has become CEO of the world’s fourth-largest car manufacturer, with annual sales of 8.7 million vehicles, following a merger between Fiat Chrysler and PSA Peugeot announced on Wednesday.
Fiat Chrysler Automobiles and PSA Peugeot said that their respective boards had signed a binding agreement to merge the two companies, with each side retaining a 50% stake.
In a joint statement, the companies informed the stock markets that the new group would be led by PSA’s CEO, Carlos Tavares, with the position of chairman to be occupied by Fiat Chrysler’s chairman, John Elkann.
The companies said that they believe the merger will position the newly merged group to “successfully take advantage of the opportunities presented in the new era of sustainable mobility.”