PARIS (Reuters) – The new managing director of Stellantis, Antonio Filosa, will retain his post as boss of North America, a strategic market for the car manufacturer, which has in its broad outline the management team now surrounding the successor to Carlos Tavares.

Antonio Filosa presented Monday, the first day of its official takeover, a tightened team, based on internally chosen personalities and respecting the balances of nationalities and companies of origin, whose task will be to straighten the group born from the merger between PSA and FCA.

In Milan, the Stellantis action was briefly suspended at the opening, after a drop of more than 5%, before reducing its losses to -1.8% around 11:00 am GMT, still signing one of the most marked declines in the index of the main Italian values.

Jefferies analysts point out that if Antonio Filosa’s decision to keep direct responsibility for North American activity is logical, it “also suggests that a reorganization of Stellantis may not be a full-time task”.

The Stellantis action has lost another 10% of its value since the appointment of the new director general at the end of May, investors regretting that six months of search for the successor to Carlos Tavares have resulted in the choice of an internal candidate.

“In the current context, these internal choices for the DG position, then for the management team, do not really offer a catalyst so that investors buy in the short term,” comments Massimo Baggiani, founder of Niche Asset Management in London, who sold Stellantis titles last year.

A tightening team

Antonio Filosa retains the head of the North America & American Brands region, where important commercial and operational difficulties have precipitated the fall of its predecessor.

The team that surrounds him has 12 executives and four attached directly to the CEO, almost all from the intern except for a few recent recruitments, against 33 under Carlos Tavares.

Stellantis also thanked Maxime Picat and Béatrice Foucher, respectively purchasing director and director of the product plan, who leave the group.

According to sources, Maxime Picat was one of the candidates for the succession of Carlos Tavares, but the board of directors decided in favor of Antonio Filosa. Maxime Picat is now cited among the possible candidates for the succession of Luca de Meo, Managing Director of Renault.

His functions are taken up by Scott Thiele, appointed to the newly created position of director of the “Supply Chain”, and by Monica Genovese, appointed Purchasing Manager. Béatrice Foucher, former executive manager of Renault, PSA then Stellantis, will be replaced by Davide Mele.

Antonio Filosa, who will celebrate his 52th birthday on Thursday, will remain based in Detroit but plans to meet his new face -to -face team each time in different regions to stay as close as possible to the field. He is due to contact the group’s employees on Wednesday during a digital townhall.

The fourth world car manufacturer by sales had initiated a vast reshuffle at its head in February under the leadership of President John Elkann, in order to turn the page on the Tavare era.

The financial director Doug Ostermann and the owner of Ned Curric technology and engineering, two central figures of the group organization, were confirmed in their role, as is Jean-Philippe Imparato, pillar of the Enlargy Europe of Stellantis.

(Written by Gilles Guillaume, with Giulio Piovaccari in Milan, edited by Augustin Turpin)

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