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.

Stellantis CEO Carlos Tavares resigned from his position after months of pressure from various stakeholders to fix falling sales.

Carlos Tavares is out. The Stellantis CEO’s abrupt departure on Sunday arguably qualifies as a necessary evil, given the $34 billion carmaker’s painful 2024. But his successor will need to manage increasingly tricky relations with President-elect Donald Trump and the European Union,

Pending a new CEO, a new Executive Committee will be established, chaired by John Elkann. Guidance for 2024 confirmed.

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 Chief Executive Carlos Tavares resigned abruptly on Sunday, two months after a profit warning at the maker of Jeep, Fiat and Peugeot cars that has lost around 40% of its value this year. The company said it would seek to find a replacement CEO in the first half of 2025.

Pending a new CEO, a new Executive Committee will be established, chaired by John Elkann. Guidance for 2024 confirmed.

John Elkann, 48, is heir to the illustrious Agnelli family that founded Fiat, the closest thing Italy has to royalty and often compared to the Kennedys due to its history of fame, charisma and tragedy.

The Peugeot family holding company, a major shareholder in Franco-Italian carmaker Stellantis, on Monday expressed its continued support for the group after the surprise resignation of CEO Carlos Tavares.