Chrysler-parent Stellantis said Chief Executive Carlos Tavares is stepping down, effective immediately, after the automaker’s sales and profit sharply declined this year.Shares dropped about 7% in Monday trading.

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

MILAN/DETROIT, Dec 1 (Reuters) - Stellantis (STLAM.MI) 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.