Stellantis' US-listed shares experienced a decline on Friday as the automaker confirmed that its Chief Executive Officer, Carlos Tavares, will retire in 2026, accompanied by significant management restructuring. Tavares is set to step down upon the successful completion of his term early in 2026, as disclosed late Thursday by Stellantis.
A special committee, led by Chairman John Elkann, has been initiated to identify Tavares' successor, with expectations for this process to culminate by the fourth quarter of 2025. In premarket activity, Stellantis shares traded down 3.5% on the New York Stock Exchange, prompting concerns among investors.
The company, acknowledging the pressing challenges within the auto industry, has implemented several key management changes aimed at enhancing focus on vital business priorities. 'During this Darwinian period for the automotive industry, our duty and ethical responsibility is to adapt and prepare ourselves for the future,' stated Tavares in an official communication. As part of the management shift, Chief Financial Officer Natalie Knight, who joined Stellantis in July 2023, will depart from the company.
Doug Ostermann, previously the group's Chief Operating Officer (COO) for China, has been appointed as her successor. The transition will see Gregoire Olivier stepping into Ostermann's previous role as COO of China. Furthermore, the automaker has appointed Antonio Filosa as COO of North America in addition to his existing role as CEO of the Jeep brand.
This change succeeds Carlos Zarlenga, who will be assigned to a different position that will be revealed at a later date. On the European front, Jean-Philippe Imparato has been named COO of Enlarged Europe, taking over from Uwe Hochgeschurtz. In a significant move for luxury brands, Santo Ficili has been appointed as the CEO of Maserati and Alfa Romeo. In addition to the management changes, Stellantis plans to transfer its supply chain organization under the manufacturing division to streamline operations further.
Elkann expressed confidence in these strategic alterations, stating, 'The board of directors is unanimous in its support of Carlos Tavares and for the decisive changes announced today. We believe that these measures to simplify our organization will fortify our leadership team in the pursuit of restoring the Company's performance to levels that lead the industry.' As the company navigates these changes, it is worth noting that at the end of September, Stellantis lowered its full-year adjusted operating income margin outlook amid worsening global industry conditions, underscoring the necessity for agile leadership in a volatile market..