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.

The CEO of the automaker Stellantis, which produces well-known vehicles such as Jeep and Chrysler, is resigning effective immediately, the company said Sunday. In a statement, the automaker, which is fourth largest in the world by sales behind Toyota,

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

Stellantis CEO Carlos Tavares has unexpectedly resigned from the automaker amid increasingly “different views” between the executive and the board of directors.

Tavares, who loved to describe current challenges in the automotive industry as a “Darwinian period”, has led Stellantis since its creation in early 2021, through the merger of Fiat Chrysler and Peugeot owner PSA.

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

Stellantis CEO Carlos Tavares has resigned effective immediately. The automaker’s Board of Directors accepted Tavares’ resignation on Sunday, Dec. 1, 2024.