Carlos Tavares, the CEO of Stellantis NV, is expected to step down due to declining profits and weakened sales in the U.S. market.
The automaker, known for its Jeep SUVs and Fiat vehicles, will have an interim committee led by Chairman John Elkann overseeing operations until a new CEO is appointed.
Stellantis is facing challenges in maintaining its market position, and a new CEO is expected to be named in the first half of 2025.
This leadership transition follows a report by Bloomberg News confirming Tavares's resignation and highlighting the ongoing pressures in the automotive industry.