Key Takeaways
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Stellantis shares lost ground Friday after the automaker announced a shakeup of its management as it tries to recover from a sales slump.
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The changes included replacing CFO Natalie Knight with China COO Doug Ostermann.
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The company said the changes were made to “redouble” its focus on key priorities and address global challenges facing the industry.
Stellantis (STLA) shares lost ground in early trading Friday after the “Big Three” automaker announced an executive shakeup as it tries to recover from a sales slump.
The parent of the Jeep, Chrysler, and other brands said CFO Natalie Knight is leaving the company, and will be replaced by the firm’s China COO Doug Ostermann. Alfa Romeo brand CEO Jean-Philippe Imparato will also become CEO of the Enlarged Europe division, succeeding Uwe Hochgeschurtz, who is also departing. Antonio Filosa, head of South American operations, will be North America COO, succeeding Carlos Zarlenga, “whose next position will be subject to a further announcement.”
Other changes included appointing Gregoire Olivier COO in China and Santo Ficili as CEO of Maserati and Alfa Romeo.
Stellantis said the moves were designed “to redouble the Company’s focus on its key business priorities and confront head-on the global challenges facing the industry.”
A ‘Darwinian Period for the Automotive Industry’
CEO Carlos Tavares called this a “Darwinian period for the automotive industry,” and said the new management team is expected to help “tackle the challenges ahead.”
Stellantis has been reeling from a slowing car market, excess inventory, and Chinese competition. Last month, the automaker cut its outlook. Last week, it posted a significant drop in U.S. sales. Barclays downgraded the stock following the news, warning it sees no real recovery for Stellantis until at least the first half of next year.
Shares of Stellantis were down about 3% in early trading Friday and have lost more than 40% of their value since the start of the year.
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