By Giulio Piovaccari and Nora Eckert MILAN/DETROIT (Reuters) -Stellantis 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.

Global automaker’s sales in North America declined over the past year because of high-cost models that dealers struggled to sell.

Stellantis CEO Carlos Tavares resigns as the Jeep and Ram maker continues to struggle with waning sales

Stellantis NV Chief Executive Officer Carlos Tavares is stepping down after profit slumped and US sales weakened at the maker of Jeep SUVs and Fiat cars, according to people familiar with the situation.

Stellantis CEO Carlos Tavares is stepping down after nearly four years in the top spot of the Jeep and Ram maker, which has continued to struggle with slumping sales.

The world’s fourth-largest car maker, with brands like Fiat and Ram, has suffered a sharp decline in profits this year.

MILAN/DETROIT — Stellantis chief executive Carlos Tavares resigned abruptly on Dec 1, two months after a profit warning at the maker of Jeep, Fiat and Peugeot cars that has lost around 40 per cent of its value in 2024.

Stellantis CEO Carlos Tavares has resigned after nearly four years in the top spot of the Jeep and Ram maker, which has continued to struggle with slumping sales.