The Stellantis (STLAM.MI), opens new tab CEO’s abrupt departure on Sunday arguably qualifies as a necessary evil, given the $34 billion carmaker’s painful 2024. But his President-elect Donald Trump and the European Union,

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.

Carlos Tavares is stepping down as Chief Executive Officer of Stellantis, effective immediately, following a sharp decline in the carmaker’s sales. As the Wall Street Journal notes, in July, the company reported that its net profit for the first half of the year had dropped by 48 percent compared to 2023.

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.

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.