Stellantis’s new CEO, Antonio Filosa, officially stepped into his role on Monday. On his first day, he announced a streamlined senior management team. Following the announcement, the automaker’s shares declined by over 5% at the opening. However, they recovered slightly over the day but are still down 1.8%.
Filosa’s streamlined team consists of 16 direct reports, down from up to 33 under former CEO Carlos Tavares. All appointments were initial promotions. Some key highlights include: Doug Ostermann will maintain his CFO role, Ned Curic will continue leading Product Development and Technology, and Maxime Picat—who was also a contender for the CEO role—has left the company.
“The team I’m announcing today draws on all that is best in Stellantis, leaders from within who bring a people-first mindset, a profound understanding of our brands, our products and our customers, best-in-class expertise and an entrepreneurial spirit that will be vital to our success,” Filosa said in a statement.
A source familiar with the matter told Reuters that Filosa has decided to retain the North American senior executive team to maintain continuity as they continue to work on improving operations in the region. Filosa also wants to closely monitor and directly manage the effects of President Donald Trump’s U.S. tariffs. In addition, Filosa has also decided to maintain his role as head of North America and American Brands.
The automaker’s shares have fallen 10% since Filosa’s appointment at the end of May, signaling broader investor concerns about the new leadership. Some investors view Filosa’s decision to maintain his role as head of North America, albeit logical, as suggesting that he may not be considering revamping Stellantis as a full-time commitment. Additionally, some investors remain skeptical that the six-month search for a new CEO concluded with an internal candidate.
However, Filosa’s decision to streamline the management structure may accelerate decision-making, making the automaker more agile and adaptable as it navigates the headwinds due to aggressive competition from China, trade uncertainties, and regulatory volatility in its key markets.
