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.

Until a new CEO is hired, the company will be led by an interim executive committee chaired by John Elkann. Elkann, the great-great-grandson of Fiat founder Giovanni Agnelli, is Stellantis's chairman and the CEO of the automaker's largest shareholder, the Agnelli family investment vehicle Exor NV.

The Chrysler, Dodge, Jeep and Ram retailers watched pricey and older cars pile up on their lots this year, and felt Carlos Tavares wasn't listening.

Stellantis, the maker of Jeep, Fiat and Puegeot, announced on Sunday that CEO Carlos Tavares has resigned.

The company said that the process to find a new CEO is already "well under way," as Tavares's contract was set to expire in 2026.

After serving as CEO of Stellantis for nearly four years, Carlos Tavares is resigning from his role with the automotive manufacturing company. According to a release from the company, Tavares' resignation was accepted by the Company’s Board of Directors and is effective immediately.

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.

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

The company's board moved quickly after Tavares' departure and was unveiling the committee to key stakeholders by Monday morning.

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.