05:45 AM EST, 12/02/2024 (MT Newswires) -- (Updates with the latest stock movement in the headline and first paragraph.)

Stellantis' ( STLA ) shares were down more than 7% in recent Monday premarket activity after it said Sunday that its board has accepted Chief Executive Carlos Tavares' resignation, effective immediately.

The company said its board has started the search process for a permanent CEO, which is expected to be completed in H1 2025.

Meanwhile, an interim executive committee chaired by Board Chairman John Elkann will take over.

Price: 12.24, Change: -0.96, Percent Change: -7.27