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

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.

The global automaker’s sales in North America declined over the past year because of high-cost models that dealers struggled to sell.

Stellantis chief executive Carlos Tavares on Sunday resigned "with immediate effect", the auto giant announced, signalling differences over how to confront the group's profit slump.

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Key Takeaways Struggling automaker Stellantis on Sunday announced it had accepted the resignation of CEO Carlos Tavares.The move is effective immediately, the Jeep and Chrysler parent said.Stellantis said a process to name a permanent CEO "is well under way" and "will be concluded within the first half of 2025.