• About
  • Advertise
  • Contact
Tuesday, July 1, 2025
  • Login
No Result
View All Result
NEWSLETTER
The NY Journals
  • Home
  • Business
  • Technology
  • Entertainment
  • Sports
  • Lifestyle
  • Health
  • Politics
  • Trending
  • Home
  • Business
  • Technology
  • Entertainment
  • Sports
  • Lifestyle
  • Health
  • Politics
  • Trending
No Result
View All Result
The NY Journals
No Result
View All Result
Home Technology

Stellantis shares fall as new CEO avoids big shake-up of top jobs

by Sarkiya Ranen
in Technology
Stellantis shares fall as new CEO avoids big shake-up of top jobs
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter


[MILAN] Stellantis new CEO Antonio Filosa started his tenure on Monday (Jun 23) by retaining his previous role as head of the key North American market, while avoiding major changes to the French-Italian automaker’s senior management team.

Stellantis shares were briefly suspended at the open, after they fell more than 5 per cent. They were down 2 per cent by 1130 GMT, among the worst performers in Italy’s blue-chip index, with the limited changes leaving investors underwhelmed.

A source familiar with the matter said Filosa’s decision to keep the North American post stemmed from his commitment to continue the job he started about nine months ago to revamp the region, which has been at the core of Stellantis’ recent problems. He also wanted to continue to manage the impact of US tariffs, the source added.

However logical, the decision suggested “that revamping Stellantis may not be a full-time job”, analysts at Jefferies said.

Stellantis shares have fallen 10 per cent since Filosa’s appointment at the end of May, with investors disappointed that an insider was picked following a six-month long search to replace Carlos Tavares to revive the carmaker’s profits, the US business and share price.

The global car sector is also struggling with aggressive competition from China, especially in electric vehicles, the impact of US President Donald Trump’s import tariffs, as well as regulatory uncertainties.

BT in your inbox

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

“In this context, these internal choices for CEO position and then for top management do not really offer a catalyst for short-term investors to buy,” said Massimo Baggiani, founder at Niche Asset Management in London, which sold Stellantis shares last year.

The new executive team has a total of 16 direct reports to Filosa, compared with up to 33 under Tavares, who stepped down in December. All promoted managers were internal.

Filosa, who will hold an online townhall with all Stellantis employees on Wednesday, also plans to meet all members of the senior management team in person once a month, the source said.

Cutting ties with tavares

Filosa, who turns 52 on Thursday, will for now be based mainly in Detroit. He was promoted to North American chief in October last year by Tavares, in one of his last moves to turn around the business before he quit.

The world’s fourth-largest automaker by sales had already embarked on a management shake-up in February under the steer of chair John Elkann, who started cutting ties with the Tavares era.

CFO Doug Ostermann and Technology and Engineering chief Ned Curic, two key figures in the group’s organisation, were confirmed in their roles on Monday, with Ostermann also taking charge of mergers and acquisitions and joint ventures, the company said in a statement.

Jean-Philippe Imparato will continue to lead Stellantis’ European business.

The heads of all Stellantis’ 14 brands – which include Chrysler, Peugeot, Jeep, Fiat and Maserati – were also unchanged.

Maxime Picat, the group’s chief purchasing and supplier quality officer, who also applied for the CEO job and is now seen as a candidate to succeed Luca De Meo as CEO of Renault, has left Stellantis, the company said.

His functions will now be taken by Scott Thiele, in a dedicated and newly-created role of head of supply chain, and Monica Genovese, who was appointed head of purchasing. REUTERS



Source link

Tags: AvoidsBigCEOFallJobsShakeupSharesStellantisTop
Sarkiya Ranen

Sarkiya Ranen

I am an editor for Ny Journals, focusing on business and entrepreneurship. I love uncovering emerging trends and crafting stories that inspire and inform readers about innovative ventures and industry insights.

Next Post
Arsenal star set for talks over transfer exit after huge Saudi agreement

Arsenal star set for talks over transfer exit after huge Saudi agreement

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Exclusive: In Muslim Men’s Killing In Haryana, Shocking Claim By Accused

Exclusive: In Muslim Men’s Killing In Haryana, Shocking Claim By Accused

2 years ago
Access Denied

Access Denied

1 month ago

Popular News

    Connect with us

    The NY Journals pride themselves on assembling a proficient and dedicated team comprising seasoned journalists and editors. This collective commitment drives us to provide our esteemed readership with nothing short of the most comprehensive, accurate, and captivating news coverage available.

    Transcending the bounds of New York City to encompass a broader scope, we ensure that our audience remains well-informed and engaged with the latest developments, both locally and beyond.

    NEWS

    • Business
    • Technology
    • Entertainment
    • Sports
    • Lifestyle
    • Health
    • Politics
    • Real Estate
    Instagram Youtube

    © 2025 The New York Journals. All Rights Reserved.

    • About Us
    • Advertise
    • Contact Us
    No Result
    View All Result
    • Home
    • Business
    • Technology
    • Entertainment
    • Sports
    • Lifestyle
    • Health
    • Politics
    • Trending

    Copyright © 2023 The Nyjournals

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In