Car maker Stellantis has today denied an Italian newspaper report that it planned to name outgoing Apple finance chief Luca Maestri as its new chief executive.
"It is not true," a spokesperson for Stellantis said, after Corriere della Sera reported that company Chairman John Elkann, the scion of Italy's Agnelli family, planned to appoint Maestri following the departure of CEO Carlos Tavares.
Shares in Stellantis had risen in initial trading after the report before paring gains.
Maestri's name had circulated a few years ago when Elkann sought a new CEO for Ferrari, the luxury sports car maker which is 25% owned by EXOR, the Agnelli family's holding company.
However, a source with direct knowledge of the matter dismissed talk of Maestri being considered for Stellantis as "fake news."
A second source close to the matter told Reuters that a CEO from the tech sector may be a possibility at Stellantis, noting however that given his role at Apple, Maestri has more of a financial than tech profile.
Ferrari eventually turned to the technology industry to pick chipmaker STMicroelectronics veteran manager Benedetto Vigna as its new boss in 2021.
Carlos Tavares resigned on Sunday two months after a profit warning at the maker of Jeep, Fiat and Peugeot cars that has lost around 40% of its value this year.
Previously regarded as one of the most respected executives in the auto industry, Tavares' approach came under scrutiny after slumping sales in North American led the car maker in September to issue a profit warningon its 2024 results.
That included a forecast for a cash burn of up to €10 billion, mostly due to slow sales and bloating inventories in its North American market, the group's profit powerhouse.
The warning triggered a wide reshuffle of the group's top management, including changes of its chief financial officer and of its head of North American operations, but initially spared Tavares.
After that, however, Stellantis said Tavares was not seeking a new CEO term and would retire at the end of his current mandate, in early 2026. The process to select a new CEO was initially set to be completed by the final quarter of next year.
Stellantis shares have lost around 40% of their value this year, while shares of US rival Ford Motor are down 7% this year and General Motors up 55%.
Tavares has led Stellantis since its creation in early 2021 through the merger of Fiat Chrysler and Peugeot owner PSA.
The company has 14 brands, and Tavares warned underperformers among the portfolio were at risk of being axed.
His outspoken style has often seen him in conflict with counterparts including US unions and the Italian government, which complained about his decisions to reduce auto production in Italy.
In America, the United Auto Workers union threatened a nationwide walkout, alleging Stellantis failed to keep the commitments it made in a contract finalised last year. Stellantis said it has complied with the labour agreement.
