DETROIT -- Struggling Jeep and Ram maker Stellantis is looking for a CEO to succeed Carlos Tavares, but the company says it's part of a normal leadership succession plan.

Following a lackluster first-half financial performance, Tavares has faced criticism from U.S. dealers and the United Auto Workers union after the company was caught off guard with an excessive amount of high-priced inventory at dealerships.

When the Netherlands-based company merged with Fiat Chrysler Automobiles in January 2021, Tavares took the helm of PSA Peugeot. Its North American operations, which had been the company's primary profit generator, have faced challenges this year due to broader market shifts.

In a statement issued Monday, Stellantis confirmed that Tavares' five-year contract is just over a year away from its expiration date in 2026.

“It is standard practice for a board to examine this matter with the necessary foresight considering the significance of the position, without affecting future discussions,” the statement said.

The company added that there is a possibility Tavares could remain in his position for an extended period.