Stellantis CEO Carlos Tavares resigns as carmaker continues to struggle with slumping sales

Stellantis CEO Carlos Tavares is stepping down after nearly four years in the top spot of the Jeep and Ram maker, which has continued to struggle with slumping sales.

The world's fourth-largest carmaker announced that its board accepted Tavares' resignation on Sunday. He will leave his role as chief executive immediately.

Stellantis noted Sunday that the process to appoint 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 of 2021 when it merged with Fiat Chrysler Automobiles. Its North American operations had been the company's main source of profits, but have struggled this year amid larger market changes.