Carlos Tavares is stepping down as Chief Executive Officer of Stellantis, effective immediately, following a sharp decline in the carmaker’s sales. As the Wall Street Journal notes, in July, the company reported that its net profit for the first half of the year had dropped by 48 percent compared to 2023.

Stellantis CEO Carlos Tavares abruptly announced his resignation on Sunday after leading the car giant for four years. Its board is already looking for his permanent replacement.

Stellantis released a short statement saying the company’s board of directors accepted the resignation and they’ve already started the search for a new CEO. A decision is expected to be made during the first half of 2025 but, in the meantime, an interim executive committee will be established and lead by Chairman John Elkann.

Carlos Tavares, who had been under fire and was expected to leave at the end of his contract, resigned abruptly on Sunday.

But first, Stellantis needs to find a new boss. Carlos Tavares has stepped down as the CEO of Stellantis, the global automaker whose portfolio includes the combined brands from Fiat Chrysler and the French PSA Group,

Stellantis CEO Carlos Tavares is stepping down after nearly four years in the top spot of the carmaker that owns brands like Jeep and Ram and Citroën and Peugeot

Stellantis CEO Carlos Tavares has resigned after nearly four years in the top spot of the Jeep and Ram maker, which has continued to struggle with slumping sales.

Stellantis CEO Carlos Tavares resigns amid sales slump. Fidelity marks up value of its stake in Elon Musk's X by 32%: report. BlackRock close to deal to acquire HPS Investment Partners.