(Reuters) -Automaker Stellantis on Wednesday named Antonio Filosa, the Italian head of its North American operations, as its CEO, effective from June 23.
Filosa succeeds Carlos Tavares, who quit the group in December after sharp drops in profits and sales raised questions about his management.
Milan-listed shares in Stellantis rose by as much as 1% following the news, but had erased gains to ease 0.05% by 0955 GMT.
COMMENTS:
ANGELO MEDA, HEAD OF EQUITIES AND PORTFOLIO MANAGER AT BANOR SIM
“After all those months, they chose an internal candidate? It strikes me as almost a fallback solution… I think that explains the tepid share price reaction.”
INTERMONTE ANALYSTS GIANLUCA BERTUZZO AND ALBERTO VILLA:
“(Filosa’s) career has predominantly been in South America, where he delivered positive results.
“Nevertheless, we don’t consider the appointment to be one that will have a strong impact, given Tavares resigned six months ago; his experience in North America is limited and other potential candidates had superior profiles on paper.”
INDUSTRY MINISTER ADOLFO URSO, QUOTED BY ITALIAN NEWS AGENCY ANSA
“A great choice […that ] confirms the renewed centrality of Italy in the group’s strategy.”
PEUGEOT FAMILY, SECOND LARGEST SHAREHOLDER
“We have full confidence in his ability to engage into a new step of transformation, at the service of brands, clients and collaborators of the company.
“His fine knowledge of ground realities and his intimate understanding of the industrial culture of Stellantis are assets to put Stellantis on a new operational trajectory based on excellence of products, closeness with markets and commitments of the teams.”
UNION REACTION
SAMUELE LODI, NATIONAL SECRETARY OF THE ITALIAN FEDERATION OF METALWORKERS:
“It is necessary to quickly address the problems, which without an industrial plan for Italy to relaunch research, development and production, also risks compromising the economic results needed to increase investment.
“It is necessary to put workers first by increasing wages and confronting the future employment to encourage regeneration. The appointment of the new CEO also requires the reopening of a strategic discussion with the prime minister’s office.”
CFE-CGC, UNION IN STELLANTIS FRANCE:
“The new CEO will have to make sales recover, mainly in Europe and North America, and restore the brand image tarnished by quality scandals.”
CFDT UNION IN STELLANTIS FRANCE:
“The CFDT Stellantis greets with satisfaction the nomination of a new CEO for the company. The end of this transition period was eagerly expected. It was urgent to put an end to it.”
“The CFDT is expecting a lot from this new CEO: a clear strategic plan adapted to the specificity of the different world markets while ensuing a fair transition, a new impetus in the social policy putting the human and the workers at the heart of priorities (…) A balanced sharing of businesses on the different geographical regions, not putting France and Europe back in a secondary position.”
(Compiled by Romolo Tosiani, Philippe Leroy Beaulieu in Gdansk; Reporting by Giulio Piovaccari, Gilles Guillaume, Andrea Mandalà, Danilo Masoni; editing by Barbara Lewis)
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