12:54 PM EST, 12/02/2024 (MT Newswires) -- US-listed shares of Stellantis ( STLA ) slid intraday Monday after the automaker said Sunday that Chief Executive Carlos Tavares resigned more than a year before his contract was set to expire.

The manufacturer of Chrysler, Fiat and Jeep plans to establish an interim committee until a permanent replacement for Tavares is named, currently expected in the first half of 2025. The committee will be headed by board Chairman John Elkann.

"Stellantis' ( STLA ) success since its creation has been rooted in a perfect alignment between the reference shareholders, the board and the CEO," Senior Independent Director Henri de Castries said in Sunday's statement. "However, in recent weeks different views have emerged, which have resulted in the board and the CEO coming to today's decision."

Stellantis' ( STLA ) New York Stock Exchange-listed shares declined 6.6% in midday trade.

In October, Stellantis ( STLA ) indicated that Tavares planned to retire at the end of his CEO contract in early 2026 and that a process to identify his replacement was already under way.

Stellantis ( STLA ) on Sunday affirmed the lowered full-year guidance it issued at the end of September. It said at the time that the revised outlook reflected deteriorating global industry dynamics amid increasing competition and decisions to "significantly enlarge remediation actions on North American performance issues."

The automaker said in September that it expected adjusted operating income margin to range between 5.5% and 7% in 2024, down from an earlier projection of a double-digit figure. It continues to expect negative industrial free cash flow.

Third-quarter revenue slid 27% year over year, in part reflecting lower shipments, Stellantis ( STLA ) said at the end of October. Consolidated shipments fell 20% from the same period of 2023 to 1.15 million units.

Price: 12.33, Change: -0.88, Percent Change: -6.63