Stellantis closing in on new CEO with shortlist of five candidates, sources say

By Gilles Guillaume and Giulio Piovaccari

PARIS/MILAN (Reuters) - French-Italian carmaker Stellantis has reduced its shortlist of CEO candidates to five, said 2 radical acquainted with the matter, arsenic it nears a determination connected who volition pb the institution done 1 of the industry's astir tumultuous periods.

Investors are apt to question an update connected the hiring process arsenic good arsenic further penetration into however Stellantis volition negociate President Donald Trump's 25% tariffs connected overseas car imports astatine an yearly wide gathering successful Amsterdam aboriginal connected Tuesday.

Former CEO Carlos Tavares abruptly departed the institution - shaper of Jeep and Peugeot marque cars - successful December pursuing a melodramatic plunge successful income and profit. He near down breached relationships with suppliers and dealers, and unhappy shareholders.

Stellantis shareholders are owed to ballot connected Tuesday connected Tavares' last remuneration bundle of 35 cardinal euros ($40 million), which includes severance and 10 cardinal euros successful bonus wage for gathering a bid of institution milestones.

Stellantis has said it wants to finalise the assignment of his replacement by the extremity of the archetypal half.

It has already shortlisted 2 interior candidates, the caput of its North America business, Antonio Filosa, and the caput of procurement, Maxime Picat.

The committee has besides interviewed 3 outer candidates, said 2 radical acquainted with the matter. While they declined to stock names, 1 of the sources said each the candidates are men.

The sources asked not to beryllium named arsenic the enactment process is confidential.

Stellantis declined to comment.

The palmy campaigner volition instrumentality the helm of a institution navigating planetary headwinds.

Stellantis said earlier this period it was temporarily laying disconnected 900 workers astatine 5 U.S. facilities and pausing accumulation astatine 1 assembly works each successful Mexico and Canada, aft the U.S. tariffs were announced.

And, similar galore automakers, it is besides struggling with a rocky modulation to electrical conveyance production.

Chairman John Elkann, presently steering the radical successful the lack of a CEO, and the Peugeot family's Peugeot Invest person some said the hiring process was progressing arsenic planned.

Elkann, the scion of the Agnelli family, told analysts successful February that Stellantis had fantabulous interior and outer candidates.

Peugeot Invest CEO Jean-Charles Douin said past period that the advertisement hoc committee charged with uncovering Tavares' replacement was gathering with candidates.

The Agnelli and Peugeot families are Stellantis' largest shareholders done their concern firms.

Stellantis shares earlier this period deed an all-time debased astatine 7.51 euros, aft topping 25 euros 1 twelvemonth ago.