NEW YORK (AP) — Stellantis CEO Carlos Tavares is stepping down after nearly four years in the top spot of the automaker, which owns car brands like Jeep, Citroën and Ram, amid an ongoing struggle with slumping sales.
The world’s fourth-largest carmaker announced that its board accepted Tavares’ resignation Sunday, effective immediately.
Stellantis noted Sunday that the process of finding a new, permanent CEO is “well under way.” In the meantime, the company says a new interim executive committee, led by chairman John Elkann, will be established.
As head of PSA Peugeot, Tavares took control of the Netherlands-based company in January 2021 — when it merged with Fiat Chrysler Automobiles, creating an automotive giant that is the parent to several well-known brands today. Beyond Jeep, Citroën and Ram, the company portfolio includes Dodge, Chrysler, Fiat, Peugeot, Maserati and Opel.
Stellantis’ North American operations had been the company’s main source of profits for some time, but struggles piled up this year, with the company citing rising competition and larger market changes. As a result of lofty sticker prices and fewer affordable options, many high-priced vehicles have been left unsold on dealers’ lots.
