Stellantis’ New CEO Takes Charge, Announces Leadership Changes: Stock Edges Lower As Insider Pick Draws Analyst Skepticism

Stellantis NV’s (STLA) new CEO, Antonio Filosa, took charge as CEO of the company on Monday and announced slight management changes on his first day.

Shares of the Jeep maker are trading 3% lower in the pre-market session.

Filosa announced on Monday that he will retain his role as head of North America and American brands, while CFO Doug Ostermann will take on additional responsibility for mergers and acquisitions and joint ventures.

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

Maxime Picat, who was the chief global purchasing and supplier quality officer, has left Stellantis, the company said.

His role will now be taken over by Monica Genovese, who is appointed head of Purchasing, and Scott Thiele, who will take on a newly created role as head of Supply Chain.

Chief Planning Officer Beatrice Foucher has also left the company.

The new leadership team is effective immediately, the company said.

In addition to 12 members of the leadership team, four others will also report directly to the CEO, the company said. This includes Ralph Gilles as head of Design, Olivier François as head of Marketing, Alison Jones as lead of Parts and Services and Circular Economy, and Giorgio Fossati as General Counsel.

Filosa was selected by a Special Committee of the Board led by Executive Chairman John Elkann as CEO after considering other internal and external candidates in late May.

The new CEO has more than 25 years of experience in the automotive industry and joined the Fiat Group in 1999. Stellantis is the result of the 2021 merger of Fiat-Chrysler (FCA) and the French automotive company PSA.

Stellantis has been seeking a new CEO since December, following the departure of its previous chief executive, Carlos Tavares. The company was led in the CEO's absence by Chairman Elkann.

Massimo Baggiani, founder at Niche Asset Management in London, told Reuters that the new appointments do not offer a catalyst for short-term investors to buy, provided that they were all internal appointments.

On Stocktwits, retail sentiment around Stellantis rose from ‘neutral’ to ‘bullish’ territory over the past 24 hours while message volume stayed at ‘high’ levels.

STLA stock is down by 26% this year and by about 55% over the past 12 months.

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