Stellantis NV Chief Executive Officer Carlos Tavares managed to survive a disastrous collapse in profit by jettisoning his chief financial officer as part of a sweeping overhaul of his leadership team.

Milan-listed shares in Stellantis slipped around 1% on Friday after the carmaker confirmed the retirement of CEO Carlos Tavares in 2026 and announced major senior management changes. Paris-listed shares were also down around 1% following the news.

FILE PHOTO: Stellantis CEO Carlos Tavares inaugurates the group's electrified dual-clutch transmission (eDCT) assembly facility in the Mirafiori complex in Turin, Italy, April 10,2024. REUTERS/Massimo Pinca/File Photo

Stellantis shares slipped following the troubled automaker’s announcement of a sweeping management reshuffle just days after it slashed full-year earnings guidance.

Key Takeaways Stellantis shares lost ground Friday after the automaker announced a shakeup of its management as it tries to recover from a sales slump.The changes included replacing CFO Natalie Knight with China COO Doug Ostermann.