Stellantis Nears CEO Pick With Antonio Filosa Leading
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Stellantis NV is approaching the end of its complicated search for a new chief executive officer, with Americas boss Antonio Filosa emerging as the leading candidate, according to people familiar with the matter.
The maker of Jeep SUVs, Ram pickups and Fiat hatchbacks is closing in on a final decision, said the people, who asked not to be identified because the deliberations are private. The situation remains fluid and the board led by Chairman John Elkann could end up picking someone other than Filosa, the people said.
Stellantis initially told investors when CEO Carlos Tavares was ousted in December that its board would appoint a new CEO in the first half of this year. Five months later, concern is mounting within the company that a selection needs to be made because decision-making has stalled without a permanent top executive in place, people familiar with the situation said.
A spokesperson for Stellantis said no decision has been made and the timing for nominating the new CEO is unchanged. Filosa didn’t respond to a request for comment.
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Filosa, a native of Naples, Italy, started his career at Fiat in 1999. He joined Fiat Chrysler’s top management group in 2018 and has been part of Stellantis’ senior executive team since the company formed in 2021. He took over as chief operating officer for North American operations in October as part of a broader shake-up in the waning days of Tavares’ tenure.
Stellantis’ market capitalization peaked at just over $93 billion in March of last year, placing the company among the world’s most valuable automakers. Its turn of fortune was abrupt, with Tavares presiding over sliding sales and clashes with politicians, dealers and unions. The manufacturer is now valued at around $28 billion.
(Bloomberg)
In addition to internal candidates, the board has considered outsiders including José Muñoz, whom Hyundai Motor Co. made its CEO effective Jan. 1; and Mike Manley, the CEO of U.S. dealership chain AutoNation Inc. who led Fiat Chrysler from 2018 until it merged with France’s PSA Group three years later, according to people familiar with the matter.
A spokesperson for Muñoz declined to comment, and a representative for Manley didn’t immediately respond to a request for comment.
A top priority for Stellantis’ next CEO will be stemming the tide in the U.S., where sales slumped 15% last year and 12% in the first quarter. Pulling off a turnaround will be complicated by President Donald Trump introducing tariffs that have raised costs and disrupted supply chains.
The carmaker is also contending with excess production capacity in Europe, where industrywide sales have been stagnant as Chinese manufacturers led by BYD Co. move in with competitively priced vehicles.
Stellantis warned in February that it was expecting profitability to remain lackluster this year, forecasting a mid-single digit adjusted operating income margin. That was a far cry from the double-digit returns Stellantis was projecting in early 2024.
The company suspended its guidance last week, citing tariff-related uncertainties.
A protégé of late Fiat Chrysler boss Sergio Marchionne, Filosa has been visiting U.S. plants and meeting dealers to repair relations that deteriorated under Tavares. Elkann similarly sought to reassure major constituents including French President Emmanuel Macron about the Peugeot and Citroën maker’s future late last year.
Albertina Torsoli, Gabrielle Coppola and Daniele Lepido contributed to this report.
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