Sept 23 (Reuters) - Stellantis ( STLA ) said on Monday

it has begun a search for a candidate to succeed CEO Carlos

Tavares, whose contract is set to expire in 2026.

The automaker, however, added there was still a possibility

of Tavares staying on longer.

Tavares has been under pressure to correct the automaker's

struggling North American operations, with record falls in sales

and profit that have sent the company's share price tumbling.

Tavares, who is an avid race car driver, was named top boss

in 2021 and has been a part of several automakers including

Renault, PSA and Nissan.

Chrysler-parent Stellantis' ( STLA ) North American operations have

been struggling and attracted criticism from consumers and

workers who have argued the company has not done enough to

invigorate demand.

The automaker is seeking to strengthen its positioning in

North America by slashing its bloated inventories and cutting

vehicle prices, the group's Chief Financial Officer Natalie

Knight said at a BofA Securities virtual conference earlier on

Monday.

Bloomberg News first reported on the CEO search earlier on

Monday.