Stellantis NV Chief Executive Officer Carlos Tavares is stepping down after profit slumped and US sales weakened at the maker of Jeep SUVs and Fiat cars, according to people familiar with the situation.

Stellantis CEO Carlos Tavares abruptly stepped down on Sunday following disagreements with major shareholders and mounting challenges in the North American market. The automaker, known for Jeep, Fiat, and Peugeot, has faced a 40% drop in share value this year and recently issued a profit warning citing cash burn and sluggish sales.