Cars PSA / FCA: who are the members of the new Stellantis board of directors?

15:40  29 september  2020
15:40  29 september  2020 Source:   latribune.fr

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FCA and its reference shareholder Exor have nominated 5 members (including John Elkann as Chairman) and Groupe PSA and two of its reference shareholders (EPF/FFP and BPIfrance) have Carlos Tavares, Stellantis’ Chief Executive Officer, will also be a member of the Board of Directors .

Groupe PSA and FCA plan to join forces … [with] the creation of a new group … owned 50% by … Dutch parent company Board would have balanced representation and a majority of independent Directors . John Elkann as Chairman and Carlos Tavares as CEO and member of the Board .

  PSA/FCA: qui sont les membres du nouveau conseil d'administration de Stellantis? © Provided by La Tribune

French car manufacturers PSA and Italian-American Fiat-Chrysler (FCA) unveiled on Tuesday the names of the 11 members of the board of directors of the Stellantis group which is due to emerge from their merger.

It will be as planned chaired by John Elkann, the president of FCA. Carlos Tavares, the current boss of PSA and future CEO of the group, will also sit there.

Read also: With Stellantis, Peugeot and Fiat can they go beyond their corporate culture?

"FCA and its reference shareholder Exor have appointed 5 members (including John Elkann as chairman), and the PSA group and two of its reference shareholders (EPF / FFP and BPIfrance) have appointed 5 members (including the director independent senior and vice-chairman) Carlos Tavares, who will serve as CEO of Stellantis, will also sit on the board, ”said a joint statement.

PSA / Fiat Chrysler: the name of the new car giant unveiled

 PSA / Fiat Chrysler: the name of the new car giant unveiled © SOPA Images / Getty Images PSA / Fiat Chrysler: the name of the new car giant unveiled The car giant resulting from the PSA / Fiat Chrysler merger will be called Stellantis , the manufacturers announced on Wednesday July 15. The French manufacturers PSA and Italian-American Fiat Chrysler (FCA) unveiled on Wednesday July 15 the name of the new automobile giant resulting from their marriage: it will be baptized Stellantis.

• Board of Directors initially consists of 11 members , majority of non-executive members will be independent o 5 members to be nominated by Groupe (3) DFG will be subject to a lock up until the completion of the transaction for the balance of its participation in PSA , resulting in an ownership of

Five Board members will be nominated by FCA and its reference shareholder (including John At closing, Groupe PSA shareholders will receive 1.742 shares of the new combined company for each share FCA and Groupe PSA will jointly host a webcast and conference call for analysts, investors

The roles of John Elkann, heir to the founding Agnelli family, and Carlos Tavares in the group's future organization chart had already been announced.

Robert Peugeot, appointed vice-president of the board of directors of Stellantis, is the CEO of FFP, the holding company which is the reference shareholder of PSA and is majority owned by the Peugeot family group.

Henri de Castries, appointed senior independent director, is the former CEO of French insurer Axa. At the end of 2017, he joined the American investment fund General Atlantic.

The rest of the board of directors, whose full composition will be submitted to the vote of the shareholders, has seven non-executive directors: Andrea Agnelli, Fiona Clare Cicconi, Nicolas Dufourcq, Ann Frances Godbehere, Wang Ling Martello, Jacques de Saint-Exupéry and Kevin Scott.

What will happen to Luthe, Giefer and Co.?

 What will happen to Luthe, Giefer and Co.? Farewell to Daniel Baier in Augsburg should only be the beginning. The FCA has to reduce its squad and wants to get rid of four more players. What will become of Andreas Luthe, Fabian Giefer, Julianieber and Georg Teigl? The market is difficult. © picture alliance Was stable support in the season finale: Andreas Luthe. After the termination of the contract with Daniel Baier, 38 professionals are still under contract in Augsburg.

FCA and Groupe PSA confirm that in all other respects the economic terms of their Combination Agreement as signed on 17 December 2019 remain Commenting on the amended agreement, Carlos Tavares, Chairman of the Managing Board of Groupe PSA , said: “With this new decisive milestone

Merged FCA and Peugeot will be called Stellantis (at For those who would like significance in their corporate holding company names, consider that Latin is a natural common-language for a French and Italian company, and also that the meaning "adorned with stars" is a good description of the flag of

More favorable French legislation

The Italian unions have expressed dissatisfaction with the choice of FCA employee representative, Fiona Clare Cicconi, executive vice-president of the pharmaceutical company AstraZeneca.

"We express our dissatisfaction and our disappointment with the lack of involvement of the unions in the identification of the person representing the workers of FCA", the union Fim Cisl said in a statement.

"It is an error of FCA" which decided to "choose alone" this representative. "At PSA, thanks to favorable legislation, the representative was elected by the works council which represents the trade unions present in all the sites of the world", he added.

"FCA's decision is not up to the times and the challenges we are facing, perhaps still a victim of old cultural patterns," the union further complained.

His counterpart Uilm for his part evoked "a missed opportunity", considering that the choice made was "in no way an expression of the workers". Uilm therefore asks to "meet Fiona Cicconi as soon as possible, to understand how she intends to play her role", and to ensure that she promotes "a consultation procedure which will make it possible to have in the future a true employee representative at within the CA ".

In their press release, PSA and FCA confirmed that "the completion of the merger project should take place by the end of the first quarter of 2021".

The two manufacturers on Friday offered concessions to the European Commission to allay its fears about the effects of their merger on competition.

According to corroborating sources, these "remedies" relate to commercial vehicles, the sector considered problematic by the Commission, guardian of competition in the EU, and should allow it to obtain the green light from Brussels.

Why the FCA lets lions move early .
Gallery: Failed miracle children: Unemployed Kurt does not give up (sport1.de) On the last day of the transfer period, there was also movement at FC Augsburg. Eduard Löwen is returning to Hertha BSC early, for which the FCA has secured the services of Frederik Winther. The Danish central defender talent should not come to Augsburg until next year. © imago images Returns to Berlin early: loaner Eduard Löwen.

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