Stellantis stock fell more than 6% Monday.Despite the challenges, Stellantis’s board had given Tavares its unanimous backing to turn the automaker around as recently as October.Since then, his renewed pursuit of cost savings and other efficiencies inflamed already fractious relations with dealers,

Stellantis Chief Executive Carlos Tavares has resigned, the automaker said on Sunday, adding it aimed to find a new head in the first half of 2025.

MILAN/DETROIT, Dec 1 (Reuters) - Stellantis (STLAM.MI) 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.

Carlos Tavares has resigned as the CEO of Stellantis, one of the world’s largest carmakers, following months of tension with the board and significant operational challenges.

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

Carlos Tavares abruptly resigned on Sunday as CEO of Stellantis, two months after a profit warning, and the carmaker said it would seek to appoint a permanent successor in the first half of next year.