Chrysler-parent Stellantis said Chief Executive Carlos Tavares is stepping down, effective immediately, after the automaker’s sales and profit sharply declined this year.Shares dropped about 7% in Monday trading.

By Giulio Piovaccari and Nora Eckert MILAN/DETROIT (Reuters) -Stellantis Chief Executive Carlos Tavares resigned abruptly on Sunday, two months after a profit warning at the maker of Jeep, Fiat and Peugeot cars that has lost around 40% of its value this year.

Carlos Tavares, who had been under fire and was expected to leave at the end of his contract, resigned abruptly on Sunday.