The decision comes as one of the country’s most prominent industrial dynasties struggles to match the clout within Stellantis of the other founding clan, the Agnellis of Italy. The globe-spanning company, which counts 14 brands including Jeep and Maserati, has undergone top management turmoil over the past year in addition to a downturn in the sector.
The family is opting for “continuity”, according to the statement from the clan’s top holding company, adding that it would be his last term. It also affirmed its long-term commitment to Stellantis and desire to “actively contribute” to governance.
The move comes almost five years after the combination of Peugeot maker PSA Group and Fiat Chrysler — touted as a “merger of equals” — created a manufacturer with 14 brands. They coincide with a sweeping overhaul in the corporate suite that’s tilted the balance of power in favour of Italian executives following the ouster of former CEO Carlos Tavares.
Robert Peugeot has been on the board since the 2021 tie-up when he became Stellantis’ vice-chairman. He helped negotiate the merger deal with chairman John Elkann, the powerful heir to the Agnelli industrial dynasty that founded Fiat.
See also: Artura Spider MCL39 Championship Edition celebrates McLaren's F1 successes
Xavier Peugeot, 61, is head of Stellantis’ declining DS brand and also oversees “heritage” at the carmaker.
In the past, the Peugeots tended to fill professional roles behind closed doors. This time, the board-seat process was overseen by an outside consultant and the contenders confirmed their interest via the media.
The Agnellis’ diversified holding company Exor has a 15.5% stake in Stellantis and two board seats compared with the Peugeots’ 7.7% and a single seat. The Peugeots obtained an exception to the ownership standstill negotiated during the tie-up that would allow them, under certain conditions, to raise their stake above 8% and obtain another seat.
Uploaded by Arion Yeow
