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Stellantis chief executive Carlos Tavares has resigned following a sharp decline in financial performance at the world’s fourth-largest carmaker.
In a statement on Sunday, Stellantis, which owns the Peugeot, Fiat and Jeep brands, said the company’s board accepted the resignation of Tavares, without clarifying the reason why he had stepped down.Â
In late September, Stellantis had launched a search for a successor to Tavares, whose term was expected to end in early 2026.
The company has suffered a steep decline in profits this year due to rising inventories in the US and slumping sales in Europe.Â
This is a developing story