The Chrysler, Dodge, Jeep and Ram retailers watched pricey and older cars pile up on their lots this year, and felt Carlos Tavares wasn't listening.

Stellantis CEO Carlos Tavares abruptly announced his resignation on Sunday after leading the car giant for four years. Its board is already looking for his permanent replacement.

The carmaker said it hopes to conclude a hunt for Tavares’ replacement by the first half of 2025. In the meantime, John Elkann, Stellantis chairman and CEO of its largest shareholder Exor, will lead a new interim executive committee.

On Sunday, Stellantis (NYSE: STLA) announced that it had parted ways with CEO Carlos Tavares, who had led the company since it was formed in 2021 through the merger of Fiat Chrysler Automobiles and French automaker PSA Peugeot.

Carlos Tavares has resigned as Stellantis CEO after nearly four years, amid plunging electric vehicle sales and rising competition from Chinese car makers. His departure highlights the mounting challenges for legacy carmakers in the EV transition.

Stellantis released a short statement saying the company’s board of directors accepted the resignation and they’ve already started the search for a new CEO. A decision is expected to be made during the first half of 2025 but, in the meantime, an interim executive committee will be established and lead by Chairman John Elkann.

Shares in the maker of Chryslers and Jeeps slid in Europe after Chief Executive Carlos Tavares stepped down with immediate effect. Find out more:

(Reuters) -Shares in Stellantis slumped as much as 8.9% on Monday, hitting their lowest in more than two years, after CEO Carlos Tavares resigned abruptly on Sunday, deepening investors' worries about the turnaround of the world's No.