DETROIT (Reuters) -Chrysler parent Stellantis confirmed on Thursday that CEO Carlos Tavares would retire at the end of his contract in early 2026 and announced major senior management changes as it struggles to turn around its lagging North American operations.

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.

(Reuters) - 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.