Stellantis's Opel division's leading figure is set to depart in 2026.
Stellantis, the corporation behind brands like Opel, is currently seeking fresh leadership. The boss, Carlos Tavares, has announced his retirement from his post as CEO, with his tenure ending in early 2026. Tavares, a 66-year-old executive, will then call it a day.
The company has already set its sights on a new leader. Stellantis, a multinational conglomerate encompassing automakers such as Peugeot, Citroën, Opel, Fiat, Chrysler, and Jeep, has appointed Santo Ficili as the new head of Maserati and Alfa Romeo. Meanwhile, Antonio Filosa, the boss of Jeep, will also manage the entire North American operations. Stellantis has yet to disclose any plans for Carlos Zarlenga, the current North America chief. The company has also relieved its CFO, Natalie Knight, of her duties, with Doug Ostermann stepping into the role.
In September, Stellantis revised its profit expectations for this year due to issues in the North American market and a weak industry outlook. The company now expects an adjusted operating margin of 5.5 to 7.0 percent, a significant drop from their initial expectations of a double-digit figure. According to Fabio Caldato, a portfolio manager at AcomeA SGR, "Complacency was their downfall." Despite years of success, the leadership was allegedly slow to respond to the deteriorating market conditions.
The management shakeup failed to reassure the market. Instead, the shares of the Franco-Italian automaker, listed on the Milan Stock Exchange, continued their slide on Friday, losing nearly four percent at one point.
In recent months, Tavares, CEO of one of the world's largest automakers by revenue, has faced criticism from various quarters, including the UAW union, car dealers, and shareholders.
Stellantis is continuously expanding its operations in the Manufacture of motor vehicles, with appointments like Santo Ficili leading Maserati and Alfa Romeo. Despite facing challenges in the North American market and revised profit expectations, Stellantis continues to seek viable strategies for growth.
