A record number of CEOs have left their roles in 2024, according to an analysis by a career transitioning firm. Stellantis and Intel's CEOs contributed to the trend this week as the companies face declining stock prices.

The auto industry is battling slowing EV demand, rising Chinese competition, and potential tariffs on Mexican imports.

Tom Narayan, global autos analyst at RBC Capital Markets, discusses the search for a new CEO at Stellantis and the multiple challenges facing the broader autos industry.

Shares in the maker of Chryslers and Jeeps slid after Chief Executive Carlos Tavares resigned. Tavares was previously expected to remain until the end of his contract in 2026. Stellantis U.S.-listed stock fell more than 7% to $12.

Carlos Tavares is stepping down as Chief Executive Officer of Stellantis, effective immediately, following a sharp decline in the carmaker’s sales. As the Wall Street Journal notes, in July, the company reported that its net profit for the first half of the year had dropped by 48 percent compared to 2023.

Stellantis CEO Carlos Tavares is stepping down after nearly four years in the top spot of the automaker, which owns car brands like Jeep, Citroen and Ram, amid an ongoing struggle with slumping sales.

A major shakeup in the auto industry after CEO of Stellantis announced that he is resigning. Stellantis makes Chrysler, Jeep, Fiat, and Peugeot among other auto brands.