Stellantis NV Chief Executive Officer Carlos Tavares is stepping down after profit slumped and US sales weakened at the maker of Jeep SUVs and Fiat cars, according to people familiar with the situation.

MILAN (Reuters) - Stellantis Chief Executive Carlos Tavares has resigned, a source close to the matter said on Sunday. The maker of vehicle brands including Jeep, Fiat and Peugeot will officially announce the resignation later on Sunday, the source added.

The company, facing slumping sales, announced that Carlos Tavares would step down immediately and that a search for a new chief was underway.