Stellantis CEO Vows to “Avoid Mediocrity”
Stellantis (NYSE:STLA) CEO Antonio Filosa’s gave his first public message after being named to lead the global automaker, warning against mediocrity. It was a mantra decades in the making, as he spent 25 years climbing through the company’s ranks, starting from a role as a night shift paint shop supervisor in Spain.
The quote also referenced late Fiat Chrysler CEO Sergio Marchionne, a mentor of Filosa’s who’s revered in the company. Marchionne unexpectedly died in 2018, years before the automaker merged to form Stellantis, the parent for brands such as Jeep, Ram, Fiat and Chrysler.
Several former and current Stellantis executives and employees who have worked with Filosa highlighted his connection to Marchionne when speaking with reporters. They also described him as an engaging, collective leader who knows the business well, from the factory floors to C-suite offices, but who faces a slew of challenges and tests ahead.
As Filosa officially steps into the CEO role on Monday, he will need to channel Marchionne — viewed as a dynamic executive and thinker who saved Italian automaker Fiat and America’s Chrysler — to be successful in turning around the embattled carmaker.
In addition to financial issues, industry experts said Filosa will need to continue to mend bonds with dealers, politicians and employees that were damaged during Tavares’ tenure. And he’ll have to handle the company’s investment plans between traditional vehicles and “electrified” models such as hybrids and EVs.
STLA shares dropped 15 cents, or 1.7%, to $9.26.
