Fiat Chrysler names Jeep boss to replace stricken CEO Marchionne

25 July, 2018, 02:00 | Author: Brenda Erickson
  • Sergio Marchionne

In 2015 he was also appointed head of the Ram brand.

In the absence of a partner, Manley needs to show FCA can keep churning out profits on its own, even as emissions rules tighten, SUV competition intensifies and worries over potential USA emissions fines abound. His global background meant that he was perfectly-qualified to work for the tobacco firm, which he joined in 1978 as a business development analyst and four years later became the company's director of business development and planning.

At the June appearance, Marchionne also predicted Fiat was about to eliminate its debt.

Mercedes team chief Toto Wolff dubbed Marchionne "a character and an important personality for Formula One".

Wolff spoke Saturday, a day before the running of the German Grand Prix in Hockenheim.

Marchionne extracts $2 billion from General Motors to end a dispute over the ownership of their Fiat Auto joint venture, and announces plans to terminate other alliances with the US carmaker.

His good track record with the all-terrain brand made Manley a key lieutenant of Marchionne and a logical choice to replace him now that health reasons have forced the Italian-Canadian executive to step down.

Gary Jones, the head of the UAW union, says that his union looks forward to working with Manley as the two sides head into the 2019 negotiations.

Marchionne spun off Ferrari into a separate trading company, a move that built enormous value for the Agnelli family and other shareholders.

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The surgery was widely reported to be shoulder surgery about three weeks ago.

Ferrari board member Louis Camilleri, a longtime executive at Philip Morris International, the tobacco company, is set meanwhile to take over as chief executive at the carmaker. John Elkann, who is the chairman of Fiat Chrysler, is now the chairman of Ferrari as well.

Marchionne, 66, a native of Chieti, Italy, wont return to the Italian-American automaker or at race auto manufacturer Ferrari NV after he has been out for several weeks for a health matter, FCA says.

Manley noted recently that one SUV (sports utility vehicle) in 17 sold this year worldwide would be a Jeep.

Statements from the boards were expected later on Saturday.

"Marchionne will be unable to return to work", the statement said.

While FCA was already in the planning stage for a successor to Marchionne, the health issues mean a new CEO - Mike Manley - has today been named in the position.

He has led Jeep since Chrysler LLC exited bankruptcy nine years later under a Fiat deal.

Fiat Chrysler Automobiles named Mike Manley, the head of its Jeep and Ram brands, to replace ailing CEO Sergio Marchionne at the helm of the world's eighth-largest automaker, according to Reuters. Fiat started with a 20 per cent stake rising to 58 per cent in 2012 and in 2014 it bought the remaining shares from the UAW creating a wholly-owned subsidiary, and later that year merged both companies into the FCA.

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