Carlos Tavares, the CEO of Stellantis, has stepped down from his position due to ongoing challenges with declining sales. The company, which is the fourth-largest automaker globally, has accepted Tavares' resignation, effective immediately.

As a result of this leadership change, Stellantis is currently in the process of appointing a new permanent CEO. In the meantime, an interim executive committee led by chairman John Elkann will oversee operations.

Tavares, who previously served as the leader of PSA Peugeot, took over as CEO of Stellantis in January 2021 after the merger with Fiat Chrysler Automobiles. The company's North American operations, which were once a significant source of profit, have faced significant difficulties this year due to broader market shifts.