Stellantis (STLA) has appointed Antonio Filosa as its next CEO, handing the company’s keys to a longtime insider as the company confronts shrinking profits, U.S. sales declines, and an increasingly rocky global auto market.
Filosa, currently chief operating officer for the Americas and the company’s chief quality officer, will formally take over as CEO on June 23. He succeeds Carlos Tavares, who stepped down abruptly in December. In a press release, Stellantis said its board selected Filosa largely “based on his proven track record of hands-on success” and “the depth and span of his experience around the world.”
Filosa has spent the last 25 years rising through the ranks across Latin America, Europe, and North America, including a recent stint leading the global Jeep brand. Now, Filosa is tasked with navigating a far rougher terrain.
The leadership change comes as Stellantis is still digging out from a rough 2024, when net profits plunged 70% and the company burned through over €6 billion in cash. Operating profit tumbled 64% in 2024 to €9.1 billion, down from €25.4 billion in 2023. Analysts expect further erosion this year, with Wall Street forecasting just €7 billion in operating profit for 2025.
The downturn has been particularly sharp in the U.S., where Jeep and Ram, once high-margin workhorses, posted double-digit declines last year. The slump has rattled investors, who are now watching to see whether 2025 will bring a meaningful rebound or continued slide. But high sticker prices, rising interest rates, and weaker incentives have compounded the pressure on Stellantis.
Earlier this year, the company suspended its 2025 financial guidance due to uncertainties surrounding the Trump administration’s tariff policies — saying the unpredictability of trade measures and their potential impacts on the market were key reasons for the decision. The company reportedly said it would help suppliers offset tariff costs.
John Elkann, who took on executive duties following Tavares’ departure, will remain in his executive chairman role until Filosa steps in as CEO. At that time, Filosa will announce a leadership team.
“I have worked closely with Antonio over the past six months during which time his responsibilities have increased, and his strong and effective leadership spanning both North and South America at a moment of unprecedented challenge have confirmed the excellent qualities he brings to the role,” Elkann said in a press release.
Stellantis said that Filosa, as COO of the Americas, focused on tightening the company’s supply chain, improving inventory discipline, and reopening lines of communication with dealers. Roughly 45% of the vehicles Stellantis sells in the U.S. are imported from Mexico or Canada, leaving it exposed to high tariffs on autos.
Meanwhile, Stellantis has set ambitious EV targets, aiming for 100% battery electric vehicle sales for passenger cars in Europe and 50% of passenger car and light-duty truck sales in the United States by 2030. But recent reports suggest that Stellantis (along with other major automakers such as GM (GM) and Ford (F)) is adjusting its EV strategies in response to market conditions, including slowing demand and regulatory uncertainties.
“We have the world’s best and most iconic brands in automotive history and an over 100-year heritage of innovation,” Filosa said in a press release. “That legacy, combined with our relentless dedication to giving our customers the products and services they love, will continue to be key to our success.”
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