(Reuters) – Stellantis said on Monday it has begun searching for a candidate to succeed Chief Executive Carlos Tavares, whose contract is due to expire in 2026.
However, the automaker added that there is still a possibility that Tavares will stay longer.
Tavares has been under pressure to turn around the company’s struggling North American operations, with record declines in sales and profits sending the company’s share price tumbling.
Tavares, an avid race car driver, was appointed CEO in 2021 and has been part of several automakers including Renault (EPA:), PSA, Nissan (OTC:).
Chrysler parent Stellantis’ (NYSE:) North American operations have been struggling and have come under fire from consumers and workers who claim the company has not done enough to revive demand.
The automaker is seeking to strengthen its position in North America by cutting its bloated inventories and lowering vehicle prices, Natalie Knight, the group’s chief financial officer, said at a virtual Bank of America Securities conference earlier Monday.
Bloomberg News first reported the search for the company’s CEO earlier Monday.