Stellantis names Antonio Filosa as new CEO as tariff fears rumble on
Filosa, who is 51, will assume his new powers on 23 June, although a shareholder meeting is required to formally appoint him. Stellantis said that this meeting would be 'called in the coming days'.
As President Donald Trump's tariff policies continue to threaten multinational carmakers, the Italian COO is tasked with turning Stellantis' fortunes around in the face of market headwinds.
'The Board selected Antonio Filosa to be CEO based on his proven track record of hands-on success during his more than 25 years in the automotive industry, the depth and span of his experience around the world, his unrivalled knowledge of the Company and his recognised leadership qualities,' Stellantis said on Monday.
Filosa's predecessor, Carlos Tavares, resigned suddenly in December 2024 after Stellantis issued a profit warning in September.
Sales in North America were particularly lacklustre, leaving dealers with a backlog of unsold vehicles. Tavares also clashed with Stellantis' board over his electrification strategy. The CEO was keen to push for 100% battery electric vehicle (BEV) sales in Europe by 2030, while the board wanted to slow the pace of the transformation.
In the wake of Tavares' departure, Filosa was promoted to lead Stellantis' North America operations.
Having fought off external and internal candidates, the Naples-born COO will now take charge of Stellantis' 14 brands, including Peugeot, Fiat, Chrysler, Citroën and Jeep.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Fashion Network
31 minutes ago
- Fashion Network
Burberry tops list of UK M&A targets in new Bloomberg survey
In Burberry's case, there are signs that the brand is beginning to deliver on its turnaround plan under Chief Executive Officer Joshua Schulman. After back-to-back annual declines of 30%, the stock has risen 32% in 2025. According to Emmanuel Valavanis, an equity sales specialist at Forte Securities in London, Burberry's brand equity could be attractive to a larger luxury group 'not afraid to pay up for bolt-on growth and an iconic label.' However, the transformation is not yet complete. 'Burberry's renewal effort still needs more work,' said Graham Simpson of Canaccord Genuity Quest, adding that a potential suitor would likely focus on extracting synergies. BP Plc and Anglo American Plc also featured among the leading UK takeover candidates, consistent with their inclusion in a similar January survey. Rightmove Plc, the online property portal, received four mentions after drawing multiple bids last year from Rupert Murdoch's REA Group. UK dealmaking 'roared back' in the second quarter, said Patrick Sarch, head of UK public M&A at law firm White & Case LLP, in July. 'We anticipate more bids for UK companies from US and corporate bidders, and that the financial services, infrastructure, natural resources, and tech sectors will continue to be active,' Sarch added. Outside the UK, the recent trade agreement between the European Union and the United States is expected to 'encourage corporates to go ahead with planned transactions,' according to Eric Meyer, head of RBC Capital Markets in Paris. Among continental names, Carrefour SA was a frequently mentioned target, cited four times by respondents. The supermarket chain is currently reviewing its portfolio to improve its valuation and recently divested its struggling Italian business. European banking M&A also remains active, continuing a trend from 2024. Commerzbank AG was again a popular name in the latest survey. UniCredit SpA, which has expressed interest in acquiring Commerzbank, increased its stake to about 20% this month. The move makes UniCredit the bank's largest shareholder, overtaking the German government, which remains opposed to a takeover. 'Bank deals are becoming more complicated,' said Nicolas Marmurek, co-head of special situations at Square Global Markets. 'Successful bidders will need strategy, timing, and just the right dose of political finesse.'
Fashion Network
32 minutes ago
- Fashion Network
Burberry tops list of UK M&A targets in new Bloomberg survey
In Burberry's case, there are signs that the brand is beginning to deliver on its turnaround plan under Chief Executive Officer Joshua Schulman. After back-to-back annual declines of 30%, the stock has risen 32% in 2025. According to Emmanuel Valavanis, an equity sales specialist at Forte Securities in London, Burberry's brand equity could be attractive to a larger luxury group 'not afraid to pay up for bolt-on growth and an iconic label.' However, the transformation is not yet complete. 'Burberry's renewal effort still needs more work,' said Graham Simpson of Canaccord Genuity Quest, adding that a potential suitor would likely focus on extracting synergies. BP Plc and Anglo American Plc also featured among the leading UK takeover candidates, consistent with their inclusion in a similar January survey. Rightmove Plc, the online property portal, received four mentions after drawing multiple bids last year from Rupert Murdoch's REA Group. UK dealmaking 'roared back' in the second quarter, said Patrick Sarch, head of UK public M&A at law firm White & Case LLP, in July. 'We anticipate more bids for UK companies from US and corporate bidders, and that the financial services, infrastructure, natural resources, and tech sectors will continue to be active,' Sarch added. Outside the UK, the recent trade agreement between the European Union and the United States is expected to 'encourage corporates to go ahead with planned transactions,' according to Eric Meyer, head of RBC Capital Markets in Paris. Among continental names, Carrefour SA was a frequently mentioned target, cited four times by respondents. The supermarket chain is currently reviewing its portfolio to improve its valuation and recently divested its struggling Italian business. European banking M&A also remains active, continuing a trend from 2024. Commerzbank AG was again a popular name in the latest survey. UniCredit SpA, which has expressed interest in acquiring Commerzbank, increased its stake to about 20% this month. The move makes UniCredit the bank's largest shareholder, overtaking the German government, which remains opposed to a takeover. 'Bank deals are becoming more complicated,' said Nicolas Marmurek, co-head of special situations at Square Global Markets. 'Successful bidders will need strategy, timing, and just the right dose of political finesse.'
Fashion Network
4 hours ago
- Fashion Network
Armani faces $4m fine over unfair commercial practices
Italy's antitrust regulator has fined fashion group Giorgio Armani and one of its subsidiaries €3.5 million ($4 million) for unfair commercial practices, it announced on Friday. The Giorgio Armani group has rejected the accusation and confirmed it will appeal the ruling. According to the regulator, the two companies 'issued misleading ethical and social responsibility statements in contrast with the actual working conditions found at suppliers and subcontractors.' The authority noted that Armani outsourced most of its bag and leather accessory production to third-party manufacturers. These external suppliers, in turn, subcontracted to other producers — some of which employed workers illegally and failed to meet health and safety standards. The watchdog said that while Armani promoted sustainability as part of its marketing strategy, those claims did not reflect conditions within parts of its extended supply chain. The case first surfaced last year when Italian prosecutors placed one of Armani's units under judicial administration — a measure that was later lifted in February. In an official statement, the Giorgio Armani group said it expressed 'disappointment and bitterness' at the regulator's decision and intends to appeal the ruling before an Italian regional administrative court. '[The group] has always operated with the utmost fairness and transparency toward consumers, the market, and stakeholders, as demonstrated by the group's history,' the company said. Last year, Italy's competition authority launched a similar investigation into LVMH -owned Dior to examine whether the French fashion house had misled consumers. Dior reached a settlement in May, agreeing to several remedies that the regulator deemed sufficient to avoid sanctions. Earlier this year, Italian authorities also placed cashmere specialist Loro Piana and a unit of luxury brand Valentino under judicial administration due to labor abuses uncovered in their supply chains. ($1 = €0.8753)
