Stellantis slips as its new CEO gives himself his old job back on his first day
Jeep maker Stellantis dipped Monday as new CEO Antonio Filosa officially took the helm of the company.
Filosa announced his senior leadership team and left a familiar name at the head of North America: himself. Filosa has been in charge of revamping the region since October of last year.
North America has been a rough continent for Stellantis lately, with sales falling 12% in the region in the first quarter and tariffs squeezing its bottom line. The company said its net revenue in the market fell 25% to $16.4 billion on the quarter — partially due to increased incentives.
Analysts at Jefferies said Filosa’s decision to take on double duty signaled that the task of turning Stellantis’ performance around “may not be a full-time job.”
Stellantis shares are down more than 10% since Filosa was first named CEO in late May.
North America has been a rough continent for Stellantis lately, with sales falling 12% in the region in the first quarter and tariffs squeezing its bottom line. The company said its net revenue in the market fell 25% to $16.4 billion on the quarter — partially due to increased incentives.
Analysts at Jefferies said Filosa’s decision to take on double duty signaled that the task of turning Stellantis’ performance around “may not be a full-time job.”
Stellantis shares are down more than 10% since Filosa was first named CEO in late May.
