Stellantis, one of the world’s leading automakers, has made a major organisational announcement following the resignation of CEO Carlos Tavares.

Tavares leaves the company after nearly four years in the top spot of the world’s fourth-largest carmaker. The company's board accepted Tavares' resignation on Sunday. He will leave his role as chief executive immediately.

The company said in a statement that the process to appoint the new permanent Chief Executive Officer is well under way, managed by a Special Committee of the Board, and will be concluded within the first half of 2025.

While the appointment of the new CEO is under way, the Interim Executive Committee (IEC) will be responsible for the direction and oversight of the company on behalf of the Board of Directors.

The IEC will be chaired by John Elkann.  The committee shall be made up of the Chairman together with several key executives whose responsibilities have been allocated.

Richard Palmer has been appointed as Special Adviser to the Chairman and will attend the IEC to act as a sounding board for the leadership team.