MILAN/DETROIT (Reuters) -Stellantis Chief Executive Carlos Tavares resigned abruptly on Sunday, two months after a profit warning at the maker of Jeep, Fiat and Peugeot cars that has lost around 40% of its value this year.

Chrysler-parent Stellantis said Chief Executive Carlos Tavares is stepping down, effective immediately, more than a year earlier than the global automaker previously said he would retire.Stellantis’s board of directors on Sunday accepted the resignation of Tavares as CEO,

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 and Citroën and Peugeot