Stellantis CEO Carlos Tavares resigns as carmaker continues to struggle with slumping sales

NEW YORK– Stellantis CEO Carlos Tavares is stepping down after nearly four years in the top spot at the Jeep and Ram maker, which continues to struggle with declining sales.

The world’s fourth-largest automaker announced on Sunday that its board had accepted Tavares’ resignation. He will resign from his role as CEO with immediate effect.

Stellantis noted on Sunday that the process to appoint a new, permanent CEO “is well underway.” In the meantime, the company says a new interim executive committee will be established, led by Chairman John Elkann.

As head of PSA Peugeot, Tavares took control from the Netherlands-based company in January 2021 when it merged with Fiat Chrysler Automobiles. Its North American operations have been the company’s main source of profit, but have struggled this year amid wider market changes.