Chrysler-parent Stellantis is searching for CEO Carlos Tavares' successor, the company said Monday, after the company's chief financial officer laid out a plan to strengthen North America operations by slashing its bloated inventories and cutting vehicle prices.

The company's chair is increasingly dissatisfied with the situation in North America, where sales have have slowed and several executives left.

Pressure on Tavares is rising due to Stellantis' poor performance in markets including the U.S., its biggest single profit pool.