06:36 AM EDT, 10/11/2024 (MT Newswires) -- Stellantis' ( STLA ) US-listed shares fell early Friday as the automaker confirmed its chief executive Carlos Tavares will retire in 2026 and announced several key management changes.

Tavares will step down upon the completion of his term in early 2026, Stellantis ( STLA ) said late Thursday. A special committee of the board led by Chairman John Elkann has begun work to identify Tavares' successor, with the process expected to be completed by the fourth quarter of 2025.

The company's shares on the New York stock exchange decreased 3.5% in premarket activity.

Additionally, Stellantis ( STLA ) made targeted management changes under Tavares' remaining tenure, effective immediately, to double down its focus on key business priorities and tackle global challenges facing the auto industry. "During this Darwinian period for the automotive industry, our duty and ethical responsibility is to adapt and prepare ourselves for the future," Tavares said in a statement.

Chief Financial Officer Natalie Knight, who joined Stellantis ( STLA ) in July 2023, will leave the company, replaced by Doug Ostermann, who was previously the group's chief operating officer for China. Gregoire Olivier will take over from Ostermann as COO of China.

The automaker appointed Antonio Filosa as COO of North America in addition to his role as CEO of Jeep, succeeding Carlos Zarlenga, who is set to get another post that will be announced later. The company named Jean-Philippe Imparato as COO of Enlarged Europe, succeeding Uwe Hochgeschurtz. Santo Ficili was appointed as CEO of Maserati and Alfa Romeo.

The company will also transfer its supply chain organization to the manufacturing division.

"The board of directors is unanimous in its support of Carlos Tavares and for the decisive changes announced today," Elkann said. "We are confident that these steps to simplify our organisation will strengthen our leadership team as they work to restore the Company's performance to industry leading levels."

At the end of September, Stellantis ( STLA ) lowered its full-year adjusted operating income margin outlook amid deteriorating global industry trends.

Price: 12.83, Change: -0.47, Percent Change: -3.53