08:56 AM EST, 12/04/2024 (MT Newswires) -- Stellantis' ( STLA ) former Chief Executive Carlos Tavares was ousted by board members over unrealistic sales targets and job cuts, Reuters reported Wednesday.

The European automaker said Sunday that Tavares resigned, effective immediately, and that it has launched a search process for a successor.

Stellantis ( STLA ) did not immediately respond to a request for comment from MT Newswires.

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