Luca Maestri — image credit: Apple
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Dutch car company Stellantis may be best known for buying Jeep, Dodge, Ram and Chrysler, but it says it is definitely not buying former Apple CFO Luca Maestri.
Stellantis Automobiles waited for its stock to rise before denying reports that it had hired former Apple CFO Luca Maestri as its new CEO. And the stock's rise is some of the best news in a while, as auto sales are reported to have fallen 14% in 2024 and profits are set to be cut nearly in half.
By comparison, Maestri stepped down as Apple's CFO at his peak in October 2024. He was replaced by Kevan Parekh, though Maestri has reportedly just moved to Apple Park and has no plans to leave.
However, according to CNBC, a spokesperson for Dutch carmaker Stellantis has denied reports that Maestri is taking over. “That's not true,” the spokesperson said.
Okay. The spokesperson’s report was backed up by an unspecified source who said Maestri’s hiring was “fake news.”
The original claim apparently came from local newspaper Corriere della Sera. It didn’t come out of nowhere, but it also doesn’t look like it came from anywhere.
Instead, it follows news that Stellantis’s last CEO, Carlos Tavares, had resigned from the company after “disagreements” between him and the board. Those views were likely in reference to the sharp drop in profits that CNBC said Stellantis suffered after initially strong sales in 2023.
There was a huge drop in 2024, reportedly, because Stellantis wasn’t updating its cars or lineups as often as its competitors. Rising costs were also scaring customers away, and quality control was suffering, too.
So perhaps it’s no surprise that the board and Tavares disagreed over whether he would keep his job. Following his announced resignation, a local newspaper reported that chairman John Elkann was planning to appoint Maestri for no more than a “why not?”
While there had been previous rumors of Maestri, perhaps for no particular reason, when Elkann was recruiting a CEO for Ferrari around 2021, Ferrari chose a chipmaker veteran, so it’s not uncommon for someone with a tech background to take over a car company.
And rumors of Maestri taking over the company actually sent Stellantis shares higher in initial trading. So perhaps Stellantis is now a more attractive option for Maestri.
While, whatever it is, former CEO Tavares is set to make around $26 million in 2023, including bonuses, according to Mopar Insiders. Maestri, according to the CFO, made $26.9 million.
Perhaps the Dutch car company has a great relocation package.
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