Tavares, who had led Stellantis since it was forged in January 2021 from the combination of Peugeot-owner PSA and Fiat Chrysler, had flattered investors with rapid post-merger cost cuts and boosted operating profit margins to around 13% last year, nearly twice those of rivals Volkswagen (VOWG_p.DE) and Renault (RENA.PA).

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.

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