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

The abrupt resignation of Stellantis CEO Carlos Tavares sent shares in the world's No. 4 carmaker to more than two-year lows on Monday as investors questioned its turn-around plans. Tavares' exit leaves a void at the top of the company as management scrambles to address overcapacity and bloated inventory in the U.

Stellantis CEO Carlos Tavares is stepping down after nearly four years in the top spot of the carmaker that owns brands like Jeep and Ram, following a continued struggle with slumping sales.