The Chrysler, Dodge, Jeep and Ram retailers watched pricey and older cars pile up on their lots this year, and felt Carlos Tavares wasn't listening.

On Sunday, Stellantis (NYSE: STLA) announced that it had parted ways with CEO Carlos Tavares, who had led the company since it was formed in 2021 through the merger of Fiat Chrysler Automobiles and French automaker PSA Peugeot.

The carmaker said it hopes to conclude a hunt for Tavares’ replacement by the first half of 2025. In the meantime, John Elkann, Stellantis chairman and CEO of its largest shareholder Exor, will lead a new interim executive committee.

Stellantis CEO Carlos Tavares abruptly announced his resignation on Sunday after leading the car giant for four years. Its board is already looking for his permanent replacement.

Stellantis stock lost a further 6% Monday. Despite the challenges, Stellantis’s board had given Tavares its unanimous backing to turn the automaker around as recently as October. Since then, his renewed pursuit of cost savings and other efficiencies inflamed already fractious relations with dealers,

A major shakeup in the auto industry after CEO of Stellantis announced that he is resigning. Stellantis makes Chrysler, Jeep, Fiat, and Peugeot among other auto brands.