In an effort to turn around its troubled business, automaker Stellantis NV announced significant leadership changes, just one week after slashing its annual financial outlook.
The shakeup on Thursday is aimed at improving organizational performance and refocusing on key priorities as the company grapples with declining sales and high inventory levels.
Doug Ostermann has been appointed as the new chief financial officer, replacing Natalie Knight, who is departing the company. Antonio Filosa, the CEO of the Jeep brand, will also take on the role of chief operating officer for North America, succeeding Carlos Zarlenga, whose future role has yet to be determined. Jean-Philippe Imparato was named chief operating officer for the expanded Europe region, while Gregoire Olivier will become the chief operating officer for China. Santo Ficili has been named CEO of Maserati and Alfa Romeo.
The leadership changes come as Stellantis faces growing pressure due to weak sales and mounting inventories, particularly in North America, where the company has traditionally generated much of its profits through popular models like Jeep and Ram trucks. Last week, the company lowered its full-year financial guidance, citing challenges in the automotive market, and signaled potential cuts to its dividend and share buyback programs.
CEO Carlos Tavares, who is set to retire in 2026, said the leadership changes are part of an effort to prepare Stellantis for future challenges.
“Our duty is to adapt and prepare ourselves for the future, better and faster than our competitors,” Tavares stated.
He also reaffirmed the company’s commitment to improving operational performance during what he called a “Darwinian period” for the industry.
Despite the management overhaul, concerns remain. Analysts at RBC Capital Markets noted that Stellantis’ issues stem from aggressive pricing in North America and high dealer inventories. The recent changes, they argued, may not be enough to reverse these trends, adding that the company’s stock, which has fallen 43% year-to-date, is likely to face further uncertainty.
With input from Bloomberg, Market Watch, and CNN.
