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 resigned "with immediate effect" on Sunday, the maker of Jeep and Ram vehicles announced. The big picture: The Italian-U.S. auto maker had faced a sales slump and Stellantis' senior independent director Henri de Castries said in a statement that "in recent weeks different views have emerged which have resulted in the Board and the CEO coming to today's decision.

By Giulio Piovaccari and Nora Eckert MILAN/DETROIT (Reuters) -Stellantis Chief Executive Carlos Tavares resigned abruptly on Sunday, two months after a profit warning at the maker of Jeep, Fiat and Peugeot cars that has lost around 40% of its value this year.