Stellantis NV Chief Financial Officer Doug Ostermann is stepping down, another change at the top of the automaker that’s under pressure to engineer a turnaround.

Ostermann, who was appointed CFO in October 2024, will be replaced immediately by Joao Laranjo, a veteran from Stellantis predecessor company Fiat Chrysler Automobiles who rejoined this year as its North America finance chief. Ostermann resigned for personal reasons, the company said Monday.

Ostermann’s departure is surprising, compounding the “general management instability and may add to worries about the extent of the efforts required to turn around the company,” Oddo BHF analyst Michael Foundoukidis wrote in a note to clients.

Stellantis shares reversed early declines to rise as much as 0.9% in Milan on Monday. The stock is

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