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.

On Sunday, Stellantis (NYSE: STLA) announced that it had parted ways with CEO Carlos Tavares, who had led the company since it was formed in 2021 through the merger of Fiat Chrysler Automobiles and French automaker PSA Peugeot.

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.

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

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.