Carlos Tavares, the CEO of Stellantis, has resigned unexpectedly amid a significant decline in the company’s sales and stock price, which has dropped by 40% this year. His departure comes as Stellantis faces scrutiny over plans to close its Vauxhall van factory in Luton, risking 1,100 jobs. Tavares, known for his aggressive cost-cutting strategies, had been linked to the company’s recent struggles. Stellantis is now in search of a new CEO and will appoint an interim executive committee led by John Elkann.