Stellantis CEO Carlos Tavares abruptly announced his resignation on Sunday after leading the car giant for four years. Its board is already looking for his permanent replacement.

Carlos Tavares is stepping down as Chief Executive Officer of Stellantis, effective immediately, following a sharp decline in the carmaker’s sales. As the Wall Street Journal notes, in July, the company reported that its net profit for the first half of the year had dropped by 48 percent compared to 2023.

Stellantis released a short statement saying the company’s board of directors accepted the resignation and they’ve already started the search for a new CEO. A decision is expected to be made during the first half of 2025 but, in the meantime, an interim executive committee will be established and lead by Chairman John Elkann.