Stellantis is planning to search for the successor of Stellantis CEO Carlos Tavares. 

Reuters reported Tuesday that Stellantis has initiated the hunt for a new chief executive officer. Carlos Tavares, the current CEO of Stellantis, has a contract set to expire in 2026. However, Stellantis brought up the probability of Tavares staying for an extended period.

Stellantis has had many struggles this 2024, as the CEO faced pressure to improve its operations in North America. The operations suffered declines in sales and profit, leading to the company's nosedive.

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The company has also encountered conflicts with its customers, staff and union members, triggering constant criticism. Tavares became the company's CEO in 2021, and he is also involved in several car companies, such as Renault, PSA and Nissan. 

Natalie Knight, Stellantis' chief financial officer, shared at a BofA Securities conference on Monday that the company is aiming to revamp its North American foundation by cutting inventories and vehicle prices.

Last week, Stellantis was sued by the United Auto Workers union for unfair labor practices.

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