MILAN - Stellantis has promoted Joao Laranjo to be its CFO, replacing Doug Ostermann after less than a year in the job, in the latest management change at the struggling Franco-Italian-American automaker.
Laranjo, a Brazilian national, will take over immediately and also retain his current position as CFO for North America, Stellantis said on Monday, adding that Ostermann was leaving for personal reasons.
The move comes just three months after the maker of Fiats, Peugeots and Jeeps named Antonio Filosa as CEO after a leadership shake-up sparked by weak performance in key markets.
The change "adds to the general management instability and may add to worries about the extent of the efforts required to turn around the company," Oddo-BHF analyst Michael Foundoukidis said, describing Ostermann’s departure as "surprising".
Milan-listed shares in Stellantis fell as much as 2.7% before recovering to trade 1.1% higher in morning trade.
Ostermann had taken over as CFO in October last year during a period of declining sales and profitability that ultimately led to the departure of former CEO Carlos Tavares.
During his brief tenure, Ostermann played a role in stabilising Stellantis’ financial position and helped steer the group through the CEO transition while laying the groundwork for a strategic response to its downturn.
Laranjo will also take on Ostermann’s responsibilities as head of Stellantis Financial Services and board member at Chinese electric vehicle partner Leapmotor.
Filosa and Laranjo have worked together in the past, first at Fiat Chrysler, now part of Stellantis, and later at Stellantis, both in South and North America.
"Having worked closely with Joao for 15 years and witnessed his rise through the ranks, I have consistently been impressed by his excellent financial acumen, results-driven mindset, and deep understanding of our industry’s complexities," Filosa said in a statement.
Filosa is retaining his previous role as head of Stellantis’ North American operations.
Stellantis confirmed its 2025 financial guidance on Monday, reiterating targets announced in July.
Laranjo will remain based in Detroit. He joined Fiat Chrysler in 2009 as chief accounting officer for Latin America and later served as regional CFO. In 2024, he briefly left the group to join Goodyear as vice-president of finance for the Americas.
Reuters
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.