By Gilles Guillaume and Giulio Piovaccari
Paris/Milan (Reuters) – France – Italian automaker Stellantis cuts its shortlist for CEO candidates to five, two people familiar with the matter said.
Investors may seek latest news about the hiring process and learn more about how Strantis will manage President Donald Trump's 25% tariff on foreign auto imports at his annual shareholder meeting in Amsterdam on Tuesday.
Former CEO Carlos Tavares suddenly left the company – a manufacturer of Jeep and Peugeot branded cars – with sales and profits happening dramatically. He left behind a broken relationship with suppliers and dealers and unpleasant shareholders.
Stellantis shareholders will vote on Tuesday to pass Tavares’ €35 million ($40 million) final compensation plan, which includes severance payments and €10 million bonus payments to reach a range of company milestones.
Stellantis said it hopes to complete the appointment of his replacement by the end of the first half.
It has been shortlisted for two internal candidates, namely Antonio Filosa, the head of its North American business, and Maxime Picat, head of procurement.
Two people familiar with the matter said the board also interviewed three outside candidates. While they refused to share names, one of the sources said all candidates were men.
The source is asked not to be named as the selection process is confidential.
Strandis declined to comment.
Successful candidates will be in charge of a company that has caused global headwinds.
Stellantis said it temporarily lay off employees at five U.S. facilities after announcing U.S. tariffs, and suspended production at an assembly plant in Mexico and Canada, according to Stellantis.
And, like many automakers, it is also struggling to transition to electric vehicle production.
Chairman John Elkann is currently directing the group without a CEO, and Peugeot Investments, the Peugeot family, said the recruitment process is going as planned.
Elkann, the successor of the Agnelli family, told analysts in February that Stellantis has outstanding internal and external candidates.
Peugeot Investment CEO Jean-Charles Douin said last month that the interim committee alleged that the search for a replacement for Tavares is meeting with the candidate.
Through its investment company, Agnelli and the Peugeot family are the largest shareholders of Stellantis.
After more than €25 a year ago, Stellantis' shares reached €7.51 in €7.51 earlier this month.
