Stellantis begins search for successor to CEO Carlos Tavares By Reuters

(Reuters) -Stellantis said on Monday it has begun a search for a candidate to succeed CEO Carlos Tavares, whose contract is set to expire in 2026.

The automaker, however, added there was still a possibility of Tavares staying on longer.

Tavares has been under pressure to correct the automaker’s struggling North American operations, with record falls in sales and profit that have sent the company’s share price tumbling.

Tavares, who is an avid race car driver, was named top boss in 2021 and has been a part of several automakers including Renault (EPA:), PSA and Nissan (OTC:).

Chrysler-parent Stellantis (NYSE:)’ North American operations have been struggling and attracted criticism from consumers and workers who have argued the company has not done enough to invigorate demand.

The automaker is seeking to strengthen its positioning in North America by slashing its bloated inventories and cutting vehicle prices, the group’s Chief Financial Officer Natalie Knight said at a BofA Securities virtual conference earlier on Monday.

Bloomberg News first reported on the CEO search earlier on Monday.