Sean Gallup Update 5:05 PM ET: Changes Headline, Adds Details Stellantis (NYSE:STLA) chief executive Carlos Tavares has resigned, the carmaker behind the Peugeot, Jeep and Fiat brands said on Sunday, as it battles a profit slump and weakened U.S. sales. In a sudden exit for one of the industry's most high-profile executives, Tavares will hand over the reins to a newly created interim committee headed by chairman John Elkann. The company will name a new CEO in the first half of 2025. Tavares will leave his position earlier than expected after differences in views emerged between him and the board, said independent director Henri de Castries. He was previously expected to step down in early 2026 at the end of his contract. The veteran automotive executive has been under pressure since Stellantis (STLA) slashed its profit forecast in September and forecast a cash burn of up to 10 billion euros. The automaker mostly blamed slowing sales and bloated inventories in its crucial North American market. Shares of Stellantis (STLA), the world's fourth largest automaker by sales, have tumbled over 43% so far this year. Tavares led Stellantis (STLA) since its formation in 2021, through the merger of Fiat Chrysler and Peugeot owner PSA. The automaker reaffirmed its financial guidance for the year. Mounting Troubles According to a Financial Times report, there were increasing tensions between Tavares and Stellantis' (STLA) board on the measures needed to put the company back on track. \"He was focusing on the short term rather than the group’s longer term and managed to anger everybody in the process,\" said one person familiar with conversations, the report added. The company's third quarter revenue plunged 27% to 33 billion euros, with all regions except South America posting double-digit declines in revenue. North America led the pack, with third quarter sales plunging 42% to 12.4 billion euros. Tavares has also faced mounting criticism from its U.S. dealers and the United Auto Workers union over its poor financial performance. In October, Italian lawmakers grilled Tavares over the company's production plans. On Thursday, the company said it would halt production at its Italian Mirafiori plant due to continuing poor sales of the electric Fiat 500 city car made there. Stellantis (STLA) also announced plans to shut its van factory in Luton, UK.