By Nora Eckert
DETROIT (Reuters) - Stellantis (NYSE:STLA)' former head of Ram is returning to the company just months after announcing his retirement, as the automaker seeks to strengthen its leadership team following the unexpected resignation of CEO Carlos Tavares.
Stellantis confirmed on Monday that Timothy Kuniskis would resume his position as CEO of Ram, one of the company's most important brands, which has seen U.S. sales slump 24% through the third quarter of 2024.
"Today’s changes will enable us to operate in a structure that will drive the best outcomes for the region, unlock significant potential and win in the market. A main lever is for the Ram brand to have its CEO singularly focused on that brand," a company spokeswoman said.
Stellantis is trying to turn around falling sales and profits, especially in its traditionally lucrative North American operations. The carmaker's shares are down about 37% in 2024, an up year for the broader market.
Chairman John Elkann is leading an interim executive committee while Stellantis is without a CEO. Tavares' replacement will be selected in the first half of 2025, the company said.
Christine Feuell, who took over leading the Ram brand when Kuniskis retired, will continue to lead Stellantis' Chrysler brand as well as Alfa Romeo North America, a company spokeswoman said.
CNBC earlier reported that Kuniskis would return to the automaker.