NEW YORK - 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, following a continued struggle with slumping sales.
The world's fourth-largest automaker announced that its board accepted Tavares' resignation Sunday, executive immediately.
The Netherlands-based company said the process to appoint a new, permanent CEO is "well under way."
It says a new interim executive committee led by chairman John Elkann will be established meanwhile.
As head of PSA Peugeot, Tavares took control of the company in January 2021 when it merged with Fiat Chrysler Automobiles.
Beyond Jeep and Ram, Stellantis' portfolio also includes brands such as Chrysler, Dodge, and Citroen.