Milan
Reuters
—
Stellantis named its North American chief, Antonio Filosa, as its new chief executive on Wednesday, as it seeks to revive the performance and shares of the multinational automaker.
Filosa, an Italian national, replaces Carlos Tavares, who stepped down in December after a fall in profits and sales. He will officially be CEO from June 23, when he will also announce a new leadership team, the company said.
The tasks are daunting as the global car industry seeks to navigate the chaotic trade war launched by US President Donald Trump.
For Filosa and Stellantis (STLA), the focus is on trying to revive profits in the major US market. The company also needs to rationalize Stellantis’ portfolio of 14 brands, which analysts say could mean axing some of them.
The board’s choice was unanimous and was based on Filosa’s “proven track record of hands-on success during his more than 25 years in the automotive industry,” the company said.
Shares in the carmaker — the world’s fourth largest by sales — whose brands include Chrysler, Peugeot and Jeep, were slightly higher in morning trade, a muted reaction for a much-anticipated appointment.
The Milan-listed shares have lost more than two-thirds of their value since early last year.
Filosa has been leading Stellantis in North America since October. In 2023, he was also appointed global head of Jeep, a role he quit this year.
Some investors said Filosa had relatively limited experience in North America and that an outsider would be better positioned to shake up the business.
However, Fabio Caldato, a portfolio manager at AcomeA SGR, which holds Stellantis shares, said Filosa had the right profile, with his specific knowledge of the US market, as well as of the local culture from a negotiating perspective.
“His operational rather than financial curriculum is further proof of Stellantis’ quest to have a CEO prepared to handle both its business revival and its wider transition to electrification,” he said.
Analysts at Italian broker Intermonte were more cautious, saying Filosa’s appointment was not expected to have a strong impact, as his experience in North America was limited.
