Stellantis NV Chief Executive Officer Carlos Tavares managed to survive a disastrous collapse in profit by jettisoning his chief financial officer as part of a sweeping overhaul of his leadership team.

The struggling auto giant Stellantis said late Thursday that its CEO Carlos Tavares will retire in 2026 when his contract runs out and it is now looking for a successor.

Stellantis also announced new COOs in North America, Enlarged Europe, and China, in addition to a new CEO for Maserati and Alfa Romeo, Santo Ficli. As a result of the overhaul, ex-Enlarged Europe COO Uwe Hochgeschurtz will also depart the company alongside Global COO Knight.

Stellantis said Friday CEO Carlos Tavares will retire in early 2026 as the struggling company announced what it called targeted management changes in a turbulent global environment for the auto industry.

Stellantis NV Chief Executive Officer Carlos Tavares managed to survive a disastrous collapse in profit by jettisoning his chief financial officer as part of a sweeping overhaul of his leadership team.

Milan-listed shares in Stellantis slipped around 1% on Friday after the carmaker confirmed the retirement of CEO Carlos Tavares in 2026 and announced major senior management changes. Paris-listed shares were also down around 1% following the news.

Stellantis is replacing its finance chief Natalie Knight as part of a broad management overhaul. The automaker's move is an attempt to try to regain investor trust and stabilize a deteriorating business which has put CEO Carlos Tavares under intense pressure.