Latest news with #R549
TimesLIVE
28-05-2025
- Automotive
- TimesLIVE
Stellantis names Antonio Filosa as its new CEO
Franco-Italian-US carmaker Stellantis on Wednesday named Antonio Filosa, the Italian head of its North American operations, as its new CEO, effective from June 23. Filosa, 51, will be expected to focus on the challenging task of reviving Stellantis' fortunes, specially in its key US market, after it suffered a 70% drop in net profit and a €6bn (R137,469,892,500) cash burn in 2024. "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", Stellantis said. Filosa 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. He succeeds Carlos Tavares, who quit the group in December after sharp drops in profits and sales raised questions about his management. Since then, the 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. Having exceeded €27 (R549) early last year, Stellantis's Milan-listed shares shed more than two thirds of their value in the next 12 months. 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 has been leading Stellantis in North America since October. In 2023 he was also appointed global head of Jeep, one of Stellantis key brands, a role he quit this year when, as part of a wider management reshuffle, he was also given the additional role of Stellantis global chief for quality. An Italian national, Filosa was born in the southern city of Naples, spent his youth in the region of Puglia in the south, and graduated in engineering from Milan's Polytechnic. Married to a Brazilian architect, he is the father of two sons and has a passion for water polo. He joined Fiat Group in 1999, where he covered several roles, predominantly in Latin America, becoming Fiat Chrysler chief in the region in 2018. He then served as Stellantis COO for South America. Despite his Fiat background and Italian nationality, he has hardly ever worked in Italy and can offer the global profile the Stellantis board had been looking for to address issues at the multinational carmaker. His recent years as head of Stellantis' North American business can also prove an asset in dealing with US President Donald Trump's administration and respond to its tariff policies.
TimesLIVE
28-05-2025
- Automotive
- TimesLIVE
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.
The South African
26-05-2025
- Business
- The South African
Pick n Pay store closures and conversions drive profitability
South African retailer Pick n Pay is making steady strides in its turnaround strategy, significantly narrowing losses and delivering strong performances in digital and clothing segments as it restructures its store portfolio. For the financial year ending 2 March 2025, the group reported a headline loss reduction of over 60%, supported by a focused recovery strategy that included the closure or conversion of 40 loss-making supermarkets across South Africa. 'Steady progress has been made over the past 18 months,' the group noted, highlighting improved like-for-like sales, which grew from -0.5% in H2 FY24 to 3.6% in H2 FY25. As part of the group's efficiency drive: 25 company-owned Pick n Pay supermarkets were closed 7 were converted into franchise stores 8 were rebranded as company-owned Boxer stores In total, 15 Pick n Pay stores, including 7 liquor stores, were converted to Boxer-branded outlets during the year. These stores have since shown increased performance under the Boxer brand, affirming the group's repositioning efforts. As of March 2025, the total Pick n Pay supermarket footprint dropped by a net 45 stores, leaving the group with 570 supermarkets, including 289 company-owned stores, 21 hypermarkets, and 260 franchises. The Pick n Pay segment's trading loss for FY25 declined to R549 million from R1.5 billion in FY24 – a reduction of approximately R1 billion. This improvement was largely driven by a second-half swing to profitability, with a R170 million profit in H2 FY25, compared to an R864 million loss in H2 FY24. While core supermarkets face continued challenges, Pick n Pay is seeing strong growth in its clothing and online operations. Pick n Pay Clothing added a net 30 new stores, bringing its total to 415 locations. Like-for-like sales increased 7.7%, with 11.6% turnover growth from standalone stores. Despite a slow start due to port delays and late seasonal changes, H2 like-for-like sales grew 3.8%, which the group says is encouraging given the high base. Meanwhile, the retailer's online retail business surged, with FY25 turnover growing by 48.7% year-on-year. Online sales, driven by the Asap mobile app and its partnership with Mr D, are now profitable on a fully costed basis. The group reported triple-digit growth from franchise stores using Asap, highlighting growing adoption of the platform beyond company-owned stores. As part of its digital overhaul: The Asap platform was fully re-engineered over 18 months over 18 months A new Asap app launched in April 2025 , integrating Smart Shopper , value-added services, and AI-driven features , integrating , value-added services, and A revamped Pick n Pay website will debut with Asap on-demand service on 1 June 2025 The app remains in beta testing until September 2025, with new feature rollouts expected throughout FY2026. Pick n Pay's leadership believes the multi-pronged recovery strategy is gaining traction, with profitable momentum in Boxer, digital, and clothing segments supporting the broader turnaround. The focus going forward will remain on profitable growth, operational efficiency, and accelerated digital transformation as the group continues to reshape its retail model in a highly competitive market. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
