The CEO’s exit comes after the automaker reported a slump in sales and slashed its profit outlook earlier for this year.

Stellantis’ board on Sunday announced the auto maker’s CEO was departing. The company expects to name a replacement in the first half of 2025.

After serving as CEO of Stellantis for nearly four years, Carlos Tavares is resigning from his role with the automotive manufacturing company. According to a release from the company, Tavares' resignation was accepted by the Company’s Board of Directors and is effective immediately.