Carlos Tavares, the CEO of Stellantis NV known for cutting costs, has resigned early after disagreements with the board of directors regarding the global strategy to reverse weak sales and a plummeting stock price.

The automotive giant, which owns the Jeep and Fiat brands, stated on Sunday that Tavares will hand over leadership of Stellantis to an interim committee chaired by John Elkann. Stellantis announced that a new CEO will be appointed in the first half of 2025.

Stellantis indicated that Tavares left earlier than expected due to differences in opinions about the company's future between him, the board of directors, and some shareholders. Tavares has led the company since its formation in 2021 from the merger of PSA Group (parent company of Peugeot and Citroën) and Fiat Chrysler.

After Stellantis began searching for a successor to Tavares, he stated that he would remain until the end of his term in early 2026.

John Elkann (left) and Carlos Tavares.