Stellantis Loses Another Executive Amid Slow Sales
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Jim Morrison, former U.S. head of the Jeep and Ram brands, has left Stellantis NV, adding to a string of executive departures as the automaker grapples with swelling inventories and sluggish sales in North America.
Morrison, a Canadian who worked at the carmaker for three decades, including 15 years leading the Jeep SUV and Ram truck brands in North America, retired at the end of May, according to a company spokeswoman. Since November, Morrison had been in charge of a new Jeep performance parts unit after Stellantis installed William Peffer, the CEO of the Maserati brand in North America, as head of Jeep.
Morrison is the latest in a stream of senior executive departures at Stellantis in the region.
Tim Kuniskis, a 32-year veteran who was the longtime leader of its Dodge muscle car brand and also led the Ram marque, retired last month. Jason Stoicevich, the senior vice president of retail sales who had tried to mend frayed relationships with U.S. dealers, also left recently. Mark Stewart, who served as chief operating officer for North America for five years, left last year to head Goodyear Tire & Rubber Co.
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The leadership overhaul comes at a complicated time for Stellantis. It’s seeking to engineer a sales turnaround after higher borrowing costs triggered a shift from pricey SUVs and trucks to more budget-friendly options and sedans, hammering demand for its Ram brand vehicles.
Meanwhile, shares have struggled to regain ground since tumbling 10% on April 30 after the automaker warned that slowing demand will continue to squeeze its margins in the coming months.
Morrison’s departure was reported earlier by Automotive News.
