Carlos Tavares has resigned as CEO of Stellantis after disagreements with the board of directors. The company, which owns Jeep and Dodge, announced the news on Sunday, adding that Chairman John Elkann will lead an interim team while they search for a new CEO.

The resignation comes during a tough time for Stellantis. The company is dealing with falling sales, struggles in the U.S. market, and a 43% drop in its stock this year. Critics have blamed outdated car models and aggressive cost-cutting for many of the challenges.

Despite the setbacks, Stellantis says it is focused on turning things around. The company plans to name a new CEO by mid-2025 as it works to steady operations and rebuild confidence.

Stellantis Chief Executive Carlos Tavares resigned two months after a profit warning shaved off 40% of the carmaker’s value https://t.co/46eMdo2xdt pic.twitter.com/zutMvVNnG5
— Reuters Business (@ReutersBiz) December 2, 2024

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