Struggling Jeep and Ram maker Stellantis is searching for a new CEO

( ) -q-24- UNDATED (Correspondent Jeremy House) “expiring in 2026.”

Struggling Jeep and Ram maker Stellantis is looking for a CEO to succeed Carlos Tavares.

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TAG: Correspondent Jeremy House reporting. As head of PSA Peugeot, Tavares took control of the Netherlands-based company in January of 2021 when it merged with Fiat Chrysler. Its North American operations had been the company’s main source of profits, but have struggled this year. In a statement Monday, Stellantis said it’s not unusual for a board to look for a CEO successor.

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VERBATIM: The company says it’s just part of a normal leadership succession plan. Tavares has been under fire from U.S. dealers and the United Auto Workers union after a dismal first-half financial performance. The company was caught off guard with too much high-priced inventory on dealer lots. Tavares’ five-year contract is just over a year from expiring in 2026.