Stellantis begins to take shape. FCA and PSA have announced the names that will join the board of directors of the new company, born from the merger of the two automotive giants.
THE NEW BOD
The board will be composed of 11 members, 5 of whom appointed by FCA and Exor. Another 5 were instead indicated by Psa, together with EPF/FFP and BPIFrance. Carlos Tavares, CEO of Stellantis will also be part of the board. In any case, the majority of non-executive directors will be independent, underlines the joint FCA-PSA note. All have different professional backgrounds "in line with the dynamic and innovative spirit" of the new Group. "The independent directors - underline the two companies - will support Stellantis in fully exploiting its strengths and distinctive skills in a new era of mobility, with the aim of creating superior value for all stakeholders".
THE 11 COUNSELORS
As for the names, the Stellantis board of directors will consist of John Elkann (President), Robert Peugeot (Vice President), Henri de Castries (senior independent director), Andrea Agnelli (non-executive director), Fiona Clare Cicconi (non-executive director), Nicolas Dufourcq non-executive director), Ann Frances Godbehere (non-executive director), Wan Ling Martello (non-executive director) , Jacques de Saint-Exupéry (non-executive director), Kevin Scott (non-executive director) e Carlos Tavares (Chief Executive Officer).
THE REACTION OF THE TRADE UNIONS
The unions also expressed their views on the new board, contesting the appointment of Fiona Clare Cicconi, executive vice president and chief human resources officer at Astrazeneca Plc since 2014, chosen by FCA as employee representative on the board. The general secretary Fim Cisl, Roberto Benaglia, and the Fim Cisl national secretary Ferdinando Uliano explained that: “We express our dissatisfaction and disappointment on the lack of involvement of the trade union organizations, in the identification of the component that should represent FCA workers in the future Stellantis board of directors ", the two trade unionists said in a joint note.
"The one made by FCA is a mistake, there are no extenuating circumstances“, they underline, adding that “Fca has decided to go it alone in identifying the component that should, symmetrically to the one already present in PSA, represent the workers of Fiat Chrysler Automobiles”.
Of the same opinion too the Uilm that speaks of a "lost opportunity". "It is a choice made independently by the company and which is therefore in no way an expression of the workers". Uilm therefore asks FCA “to meet Fiona Cicconi as soon as possible, to understand how she intends to play her role. At the very least, we will ask you to in turn promote a consultation procedure that will really allow for a worker representative on the board of directors in the future ”.
Harsh comment of the general secretary of the Cisl, Annamaria Furlan, who writes on Twitter: “Fca's decision not to involve workers and unions in the democratic choice of the member who was to represent all Fiat Chrysler workers on the Stellantis board of directors is serious. An error resulting from a prejudice on participation in corporate decisions and on modern industrial relations”.
FCA: AGREEMENT WITH THE SEC ON EMISSIONS
That relating to the board of Stellantis is not the only relevant news that arrived today from the FCA. The company announced that it has reached an agreement with the Securities and Exchange Commission, the US federal body responsible for supervising the stock exchange (similar to our Consob) which closes the SEC investigation relating to the failure to report emissions that FCA did at the beginning of 2016. FCA will pay $9,5 million to close the matter. The control body of the American markets accused it of having misled investors, failing to properly clarify that it had only carried out a limited number of tests on polluting emissions. Following the news, FCA stock loses 0,94% on the stock market at 10,536 euro.
