Stellantis NV Chief Executive Officer Carlos Tavares is stepping down after profit slumped and US sales weakened at the maker of Jeep SUVs and Fiat cars, according to people familiar with the situation.

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 and Citroën and Peugeot

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Stellantis Chief Executive Carlos Tavares has resigned, the automaker said on Sunday, adding it aimed to find a new head in the first half of 2025.

The chief executive officer of car-maker giant Stellantis has abruptly resigned, the company said Sunday, as it has suffered a precipitous drop in share value this year.

The global automaker’s sales in North America declined over the past year because of high-cost models that dealers struggled to sell.

Carlos Tavares, who had been under fire and was expected to leave at the end of his contract, resigned abruptly on Sunday.