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.

While Stellantis stock has fallen sharply in 2024, that wasn’t what led to Sunday’s announcement that CEO Carlos Tavares had resigned.“Our thanks go to Carlos for his years of dedicated service and the role he has played in the creation of Stellantis,

Stellantis NV CEO Carlos Tavares resigned Sunday amid the automaker’s recent declining profits, sharply falling sales this year in the United States and mounting criticism from dealers and unions in recent months.