Carlos Tavares is stepping down as Chief Executive Officer of Stellantis, effective immediately, following a sharp decline in the carmaker’s sales. As the Wall Street Journal notes, in July, the company reported that its net profit for the first half of the year had dropped by 48 percent compared to 2023.

Tavares was forced out a year before the end of his contract due to falling profits and what appears to be his failure to cut costs quickly enough for Wall Street and European investors.