Stellantis is undergoing a leadership change as CEO Carlos Tavares has decided to resign after nearly four years at the helm of the company, which produces popular brands such as Jeep and Ram. The car manufacturer, known as the fourth-largest in the world, made the announcement regarding Tavares’ departure on Sunday, highlighting an ongoing challenge with declining sales figures.

The company’s board accepted Tavares’ resignation, which will take effect immediately. Stellantis also communicated that steps to find a new permanent CEO are already in progress. In the interim, the organization plans to form an executive committee overseen by chairman John Elkann.

Tavares joined Stellantis in January 2021 following the merger of PSA Peugeot with Fiat Chrysler Automobiles. Under his leadership, the company aimed to capitalize on its strong North American presence, which had historically been a significant profit center. However, the company is currently facing difficulties that reflect broader trends in the automotive market, impacting its performance in this crucial sector.