MILAN (Reuters) -Stellantis ( STLA ) Chief Executive Carlos Tavares has resigned, the carmmaker said on on Sunday.

"The Company's Board of Directors, under the Chairmanship of John Elkann, accepted Carlos Tavares' resignation today from his role as Chief Executive Officer with immediate effect," Stellantis ( STLA ) said in a statement.

The maker of vehicle brands including Jeep, Fiat and Peugeot said the process to appoint the new permanent CEO was well under way, managed by a Special Committee of the Board.

The process will be concluded within the first half of 2025, it said, adding that a new Interim Executive Committee, chaired by Elkann, will be established.