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    STLA   NL00150001Q9

STELLANTIS N.V.

(STLA)
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UAW workers vote to elect union leaders directly

12/02/2021 | 04:14pm EST

WASHINGTON, Dec 2 (Reuters) - Members of the United Auto Workers union have voted to change the union's election method from the current delegate system to a direct election model, a court-appointed monitor said.

The referendum showed 63.7%, or 89,615 votes, in favor of the direct voting system, with 50,971, or 36.3%, for keeping the status quo, monitor Neil Barofsky said.

The referendum at the 400,000-member union was required as part of a U.S. Justice Department settlement announced in December 2020 of corruption allegations that resulted in the convictions of two former UAW presidents, among others.

Barofsky will confer with the UAW and then draft amendments to the union's constitution to incorporate the direct voting system. The next election of the UAW’s president, secretary-treasurer, vice presidents and regional directors will be the first under the new rules and likely take place in 2022.

In total, 16 people have been convicted in the wide-ranging investigation of corruption within the UAW or relating to illegal payoffs to UAW officials by Fiat Chrysler executives. Two former Fiat Chrysler executives have been convicted.

Several UAW officers, including the union's two former presidents, have pleaded guilty to embezzling millions of dollars for their personal benefit, using the funds for liquor, cigars, golf outings, related equipment and expensive hotel stays.

Barofsky said in a report last month the UAW has not done "enough to respond to repeated warnings about the pressing need to transform its culture."

The UAW represents about 150,000 workers at Detroit’s Big Three automakers. It also represents thousands of workers in other fields. At its peak in 1979, the union had a membership of about 1.5 million. (Reporting by David Shepardson; Editing by Rosalba O'Brien and Dan Grebler)


ę Reuters 2021
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Analyst Recommendations on STELLANTIS N.V.
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Financials
Sales 2021 148 B 167 B 167 B
Net income 2021 10 732 M 12 125 M 12 125 M
Net cash 2021 14 037 M 15 859 M 15 859 M
P/E ratio 2021 4,76x
Yield 2021 5,97%
Capitalization 52 011 M 58 670 M 58 762 M
EV / Sales 2021 0,26x
EV / Sales 2022 0,20x
Nbr of Employees 204 000
Free-Float 64,7%
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Number of Analysts 23
Last Close Price 16,60 €
Average target price 23,24 €
Spread / Average Target 40,0%
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Managers and Directors
Carlos Tavares Chief Executive Officer & Executive Director
Richard Keith Palmer Chief Financial Officer
John Jacob Philip Elkann Chairman
Harald J. Wester Chief Engineering Officer
Ned Curic Chief Technology Officer
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