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Stellantis ( STLA ) shares sank after the the struggling carmaker said over the weekend that CEO Carlos Tavares was stepping down, effective immediately.

The company that owns brands including Chrysler, Jeep, Fiat, and Peugeot said the process to appoint his replacement was “well underway.” It added that it expects to name a new company head in 2025, and until then, an interim executive committee would handle Tavares's duties.

Senior Independent Director Henri de Castries said in a statement that “in recent weeks different views have emerged which have resulted in the Board and the CEO coming to today’s decision.”

Shares of Stellantis were recently off some 7% in morning trading to their lowest point of a year in which they've fallen nearly 50%.

The automaker has been battling weak sales and tough competition, especially from China. Some dealers have complained that a focus on cutting costs and keeping prices high have kept buyers out of showrooms.

Stellantis also reiterated the 2024 guidance given at the end of September, which included an adjusted operating margin of between 5.5% and 7%, down from an earlier estimate of “double-digit levels.” It blamed most of that slide on a decline in U.S. demand. The company reported a 20% drop in U.S. vehicle sales in the third quarter, as all of its brands other than Fiat lost ground.

Following that, Stellantis announced a major shakeup in its executive suite, including the departure of its CFO and CEO of the Enlarged European division.

Correction: An earlier version of this article incorrectly spelled the surname of Carlos Tavares.