The boss of the automotive giant Stellantis, which notably owns brands Vauxhall, Jeep, Fiat and Peugeot, has resigned with immediate effect.
Carlos Tavares' abrupt departure comes two months after Stellantis issued a profit warning.
Last week the company also announced plans to close its Vauxhall van manufacturing plant in Luton, putting around 1,100 jobs at risk.
In a statement announcing Mr. Tavares' departure, Henri de Castries, lead independent director of Stellantis, said that “in recent weeks, different points of view have emerged, leading the board and CEO to take today's decision.
Before his resignation, Mr. Tavares was one of the most powerful people in the global auto industry.
He had a reputation as a ruthless cost cutter, first at French group PSA – then, following its merger with Fiat Chrysler in 2021 – at Stellantis.
He has often made headlines in the UK by questioning the future of Vauxhall's UK operations, linking it to issues such as Brexit and the government's plans to force carmakers to build more electric cars.
It is not yet clear whether his departure will affect the planned closure of the Stellantis factory in Luton.
Mr. Tavares' position has been undermined recently by a dramatic fall in the company's sales and profits.
The Stellantis share price has fallen 40% since the start of this year.
In September, the company announced that it had begun searching for Mr. Tavares' successor, but that he was expected to stay in his role until at least 2026.
Stellantis said it now plans to appoint a new chief executive by the middle of next year.
In the meantime, he will establish a new interim executive committee, led by cabinet chairman John Elkann.
