Stellantis names Antonio Filosa as its new CEO: source
Carmaker Stellantis has appointed Italian Antonio Filosa as its new CEO, a source close to the matter said on Wednesday.
He succeeds Carlos Tavares, who quit the group in December after a sharp drop in profits and sales, specially in the US, raised questions about his management.
Since then, the Franco-Italian-US carmaker has been provisionally led by its chair John Elkann, a scion of the Agnelli family that founded Fiat, now part of Stellantis.
The Agnellis are Stellantis' single largest investor through their family holding company Exor. The group's other brands include Peugeot and Jeep.
Filosa is expected to focus on the challenging task to revive fortunes after the carmaker suffered a 70% drop in net profit and a €6bn (R137,469,892,500) cash burn in 2024.
Having exceeded €27 (R549) early last year, Stellantis shares shed more than two thirds of their value in the next 12 months.
The new boss will also need to rein in Stellantis sprawling 14-brand portfolio, with analysts and experts thinking the carmaker should terminate or sell some of them, and complete a process to restore the group's fraught relations with dealers, unions and governments left by Tavares.
Stellantis was created in early 2021 through the merger of Fiat Chrysler and Peugeot's owner PSA, with Tavares, the former PSA head, as its first CEO.
Filosa, aged 51, has been leading Stellantis in its key North American market since October with a task of reviving sales at the group's powerhouse, after its market share shrank in recent years.
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