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After nearly a six-month search, Big Three automaker Stellantis (STLA) finally has its new CEO.
The brand behind Dodge, Ram, Jeep, and Fiat said its board "unanimously" selected Antonio Filosa, a 25-year veteran of the company and current Americas COO, as its new chief executive. His tenure begins on June 23, and interim CEO John Elkann (scion of the Agnelli family that has a majority stake in Stellantis) will remain executive chair.
Stellantis stock was little changed in early trading in New York, as Filosa was already reportedly on the shortlist of CEO candidates.
While it seems odd that Stellantis needed six months to name an internal candidate as its CEO, Filosa may be the best insider on the company's executive roster and perhaps the best fit to continue the company's turnaround.
"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 statement.
Filosa no doubt has his work cut out for him. Yahoo Finance spoke to Filosa nearly a year ago when Jeep, which he headed at the time, launched the new Wagoneer EV SUV. Jeep was mired with bloated inventory when then-CEO Carlos Tavares believed higher prices would boost Jeep's profile and profitability.
The opposite occurred: Buyers shunned relatively overpriced Gladiator pickups and Grand Cherokee SUVs. In a turnaround move, Jeep slashed prices to move inventory and lowered prices for new vehicles for the 2025 model year.
HSBC analyst Michael Tyndall believes Filosa is a solid pick for the CEO role.
"On paper his CV looks a good fit for the role," Tyndall wrote in a note to clients, noting he's an "auto guy having worked exclusively in the industry for over 25 years, an Italian native so he understands Europe [where Stellantis is based], spent a good deal of time in South America [Stellantis' third-largest profit source], and lives in Detroit, arguably where the heavy lifting needs to be done."
Indeed, there is heavy lifting in North America. In addition to bringing down inventory and introducing new products in the US that resonate with customers, Filosa needs to address long-simmering issues with the United Auto Workers (UAW).
Chief among UAW workers is the unclear status of plants like the Jeep assembly facility in Belvidere, Ill. After much back and forth, Stellantis said production would return there in 2027, but that remains uncertain.
