In a major step as they move towards the completion of their 50:50 merger as defined in the Combination Agreement announced on 18 December 2019, Peugeot S.A. (“Groupe PSA”) and Fiat Chrysler Automobiles N.V. (“FCA”) (NYSE: FCAU / MTA: FCA) today announce that the corporate name of the new group will be STELLANTIS. While this isn’t of direct interest to British car enthusiasts – except perhaps in that it involves Vauxhall – any mergers such as this can change the entire automotive ecosystem.
Fiat Chrysler Automobiles (FCA) is a global automaker that designs, engineers, manufactures, and sells vehicles in a portfolio of exciting brands, including Abarth, Alfa Romeo, Chrysler, Dodge, Fiat, Fiat Professional, Jeep®, Lancia, Ram, and Maserati. It also sells parts and services under the Mopar name and operates in the components and production systems sectors under the Comau and Teksid brands. FCA employs nearly 200,000 people around the globe.
Groupe PSA designs unique automotive experiences and delivers mobility solutions to meet all customer expectations. The Group has five car brands, Peugeot, Citroën, DS, Opel, and Vauxhall and provides a wide array of mobility and smart services under the Free2Move brand.
The new name STELLANTIS is rooted in the Latin verb “stello” meaning “to brighten with stars”. It draws inspiration from this new and ambitious alignment of storied automotive brands and strong company cultures that in coming together are creating one of the new leaders in the next era of mobility while at the same time preserving all the exceptional value and the values of its constituent parts. STELLANTIS will combine the scale of a truly global business with an exceptional breadth and depth of talent, know-how, and resource capable of providing sustainable mobility solutions for the coming decades. The name’s Latin origins pay tribute to the rich history of its founding companies while the evocation of astronomy captures the true spirit of optimism, energy, and renewal driving this industry-changing merger.
The completion of the merger project is expected to occur in the first quarter of 2021, subject to customary closing conditions, including approval by both companies’ shareholders at their respective Extraordinary General Meetings and the satisfaction of antitrust and other regulatory requirements.
As for the composition of the Board of Directors of Stellantis, 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 nominated 5 members (including the Senior Independent Director and the Vice-Chairman). Carlos Tavares, Stellantis’ Chief Executive Officer, will also be a member of the Board of Directors.
The full composition of the Stellantis Board of Directors will be as follows, subject to shareholder vote:
John Elkann (Chairman)
Robert Peugeot (Vice-Chairman)
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),
Carlos Tavares (Chief Executive Officer)
Note: Press release courtesy of Groupe PSA.