Welcome to the Daily 5 report for Monday, June 23.
Antonio Filosa formally became CEO of Stellantis today and a couple of themes emerged right away.
First, he's clearly going to be focused on North America. In fact, he's primarily going to be based at the automaker's North American headquarters near Detroit in Auburn Hills, Mich.
Filosa, who turns 52 on Thursday, also signaled no major management upheavals are planned, at least for now.
But there was one noteworthy departure: Maxime Picat, the head of purchasing and a former head of the Europe region. Given the automaker's disastrous relations with its supply chain, complete with litigation in the public domain, this move was not a surprise.
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Stellantis investors and analysts hoped for more management changes. Shares slipped 0.5 percent to close Monday at $9.36.
"In this context, these internal choices for CEO position and then for top management do not really offer a catalyst for short-term investors to buy," Massimo Baggiani, founder at Niche Asset Management in London, which sold Stellantis shares last year, told Reuters.
The new executive team has 16 direct reports to Filosa, compared with up to 33 under previous CEO Carlos Tavares, who stepped down in December, Reuters reported — noting that all promoted managers were internal.
Meanwhile, the UAW's latest leadership drama generated more controversy with a Reuters report detailing how the union lost out on $80 million in potential investment gains by not reinvesting funds left unused from the UAW strikes against the Detroit 3 during 2023 contract talks. The blunder is reportedly under investigation by the UAW's federal monitor, who was appointed as part of a 2020 settlement between the UAW and the U.S. Department of Justice to resolve the union's corruption scandal, Reuters said.
In case you missed it Saturday, Bloomberg reported that in the weeks since President Donald Trump declared a "done" trade deal with Beijing, U.S. companies remain unsure when they'll receive crucial magnets from China. Although automakers have not yet voiced concerns publicly, many American firms that need Chinese minerals are still waiting on Beijing's approval for shipments, people familiar with the process told Bloomberg.
That's it for now. Have a great rest of your day.
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— Philip Nussel, online editor
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