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.

The carmaker said it hopes to conclude a hunt for Tavares’ replacement by the first half of 2025. In the meantime, John Elkann, Stellantis chairman and CEO of its largest shareholder Exor, will lead a new interim executive committee.

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.

Stellantis has been under major scrutiny over the past year due to its extremely poor sales performances, with many of its brands, including its most popular ones, suffering from ailing sales. They were so bad,

Carlos Tavares has resigned as CEO of Stellantis. Filling the void in his absence is an interim executive committee chaired by John Elkann, according to Stellantis. The company says it will appoint a new chief executive in the first half of 2025.

The problem at carmaker Stellantis NV is “more about its ownership” rather than former Chief Executive Officer Carlos Tavares, according to Italian Deputy Premier Matteo Salvini.

Shares in the maker of Chryslers and Jeeps slid in Europe after Chief Executive Carlos Tavares stepped down with immediate effect. Find out more:

(Reuters) -Shares in Stellantis slumped as much as 8.9% on Monday, hitting their lowest in more than two years, after CEO Carlos Tavares resigned abruptly on Sunday, deepening investors' worries about the turnaround of the world's No.