Stellantis slightly up after new CEO appointment
Shares of automaker Stellantis STLAM.MI rise as much as 1% after it names Antonio Filosa as CEO starting from June 23
Filosa, an Italian, has been leading Stellantis in North America since October 2024
"There is a bit of disappointment about Filosa's name, other candidates were targeted," a Milan-based trader says
The trader adds that regardless of the CEO, all stocks in the automotive sector have been under pressure for some time
Brokerage Intermonte outlines that his career has predominantly been in South America, where he delivered positive results
"Nevertheless, we don't consider the appointment to be one that will have a strong impact, given Tavares resigned six months ago," Intermonte adds
Tavares led Stellantis since its creation in early 2021 through the merger of Fiat Chrysler and Peugeot owner PSA
By 0723 GMT, Stellantis stock is trading up 0.5%
Including Wednesday's rise the stock has dropped by 26.3% YTD
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