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Fiat News: Fiat Chrysler's Recent UConnect Update Is Causing An Endless Reboot Issue
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William Maley, in Fiat
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By William Maley
Mike Manley has been chosen as the replacement for the seriously ill Sergio Marchionne as Fiat Chrysler Automobiles CEO today. A source tells Automotive News Europe that the decision was made during an emergency meeting of FCA's board of directors today.
"With reference to the health of Sergio Marchionne, Fiat Chrysler Automobiles N.V. (“FCA”) (NYSE: FCAU / MTA: FCA) communicates with profound sorrow that during the course of this week unexpected complications arose while Mr. Marchionne was recovering from surgery and that these have worsened significantly in recent hours," FCA said in a statement released a few moments ago.
"As a consequence, Mr. Marchionne will be unable to return to work."
As we reported earlier this morning, Marchionne has been dealing “massive” and serious complications after surgery to his shoulder. Marchionne was planning to announce his successor next April during the company's announcement of 2018 financial results.
Manley joined DiamlerChrysler in 2000 as the director of network development for the UK branch. He would hold various positions at DiamlerChrysler and Chrysler before being named CEO of Jeep in 2009. Under his leadership, Jeep has expanded into other markets and sales have quadrupled. He would also be named CEO of Ram Trucks in 2015.
Manley prevailed over two other FCA veterans: CFO Richard Palmer and COO of Europe, Middle East and Africa regions, Alfredo Altavilla.
Source: Automotive News Europe (Subscription Required), Fiat Chrysler Automobiles
FCA Announcement
July 21, 2018 , London - With reference to the health of Sergio Marchionne, Fiat Chrysler Automobiles N.V. (“FCA”) (NYSE: FCAU / MTA: FCA) communicates with profound sorrow that during the course of this week unexpected complications arose while Mr. Marchionne was recovering from surgery and that these have worsened significantly in recent hours.
As a consequence, Mr. Marchionne will be unable to return to work.
The Board of Directors of FCA, meeting today, firstly expressed its closeness to Sergio Marchionne and his family and underlined the extraordinary contribution, both human and professional, that he has made to the Company in these years.
The Board resolved to accelerate the CEO transition process that has been proceeding over the past months and named Mike Manley as CEO. The Board will therefore propose to the next Shareholder Meeting, to be called in the coming days, that he be elected to the Board and serve as an executive director of the Company.
In the meantime, in order to provide for his full authority and operational continuity for the company, the Board has with immediate effect granted Mr. Manley all the powers of CEO. He will also assume responsibility for the NAFTA region.
Mr. Manley and his management team will proceed with the implementation of the 2018 – 2022 Business Plan as presented on June 1 of this year, a plan that will further assure FCA’s strong and independent future.
View full article
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By William Maley
Mike Manley has been chosen as the replacement for the seriously ill Sergio Marchionne as Fiat Chrysler Automobiles CEO today. A source tells Automotive News Europe that the decision was made during an emergency meeting of FCA's board of directors today.
"With reference to the health of Sergio Marchionne, Fiat Chrysler Automobiles N.V. (“FCA”) (NYSE: FCAU / MTA: FCA) communicates with profound sorrow that during the course of this week unexpected complications arose while Mr. Marchionne was recovering from surgery and that these have worsened significantly in recent hours," FCA said in a statement released a few moments ago.
"As a consequence, Mr. Marchionne will be unable to return to work."
As we reported earlier this morning, Marchionne has been dealing “massive” and serious complications after surgery to his shoulder. Marchionne was planning to announce his successor next April during the company's announcement of 2018 financial results.
Manley joined DiamlerChrysler in 2000 as the director of network development for the UK branch. He would hold various positions at DiamlerChrysler and Chrysler before being named CEO of Jeep in 2009. Under his leadership, Jeep has expanded into other markets and sales have quadrupled. He would also be named CEO of Ram Trucks in 2015.
Manley prevailed over two other FCA veterans: CFO Richard Palmer and COO of Europe, Middle East and Africa regions, Alfredo Altavilla.
Source: Automotive News Europe (Subscription Required), Fiat Chrysler Automobiles
FCA Announcement
July 21, 2018 , London - With reference to the health of Sergio Marchionne, Fiat Chrysler Automobiles N.V. (“FCA”) (NYSE: FCAU / MTA: FCA) communicates with profound sorrow that during the course of this week unexpected complications arose while Mr. Marchionne was recovering from surgery and that these have worsened significantly in recent hours.
As a consequence, Mr. Marchionne will be unable to return to work.
The Board of Directors of FCA, meeting today, firstly expressed its closeness to Sergio Marchionne and his family and underlined the extraordinary contribution, both human and professional, that he has made to the Company in these years.
The Board resolved to accelerate the CEO transition process that has been proceeding over the past months and named Mike Manley as CEO. The Board will therefore propose to the next Shareholder Meeting, to be called in the coming days, that he be elected to the Board and serve as an executive director of the Company.
In the meantime, in order to provide for his full authority and operational continuity for the company, the Board has with immediate effect granted Mr. Manley all the powers of CEO. He will also assume responsibility for the NAFTA region.
Mr. Manley and his management team will proceed with the implementation of the 2018 – 2022 Business Plan as presented on June 1 of this year, a plan that will further assure FCA’s strong and independent future.
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By William Maley
*UPDATE* Automotive News Europe is reporting that Jeep and Ram Trucks head Mike Manley will become Marchionne's successor as FCA CEO. We'll have more in an upcoming news story.
The era of Sergio Marchionne leading Fiat Chrysler Automobiles and Ferrari is seemingly coming to abrupt end. Last night, both Bloomberg and Reuters reported that Marchionne would not return as CEO of the two companies due to complications from surgery. Earlier this month, FCA said Marchionne would be going on medical leave for shoulder surgery. Sources tell Reuters that since the operation, the CEO has been experiencing “massive” and serious complications.
The boards of FCA and Ferrari are meeting today to decide possible successors. According to one source, the new CEO of Ferrari is expected to be Louis Carey Camilleri - currently a board member and former chairman of Philip Morris International. At FCA, there are three people up for consideration - CFO Richard Palmer, Europe chief Alfredo Altavilla, and head of the Jeep and Ram Mike Manley.
Spokespeople for both FCA and Ferrari declined to comment.
In addition to his roles at Ferrari and FCA, Marchionne is the Chairman of CNH Industrial, an agricultural and construction equipment manufacturer. According to sources, the board is expected to meet today to discuss a succession plan.
Source: Automotive News (Subscription Required), Bloomberg, Reuters
View full article
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By William Maley
*UPDATE* Automotive News Europe is reporting that Jeep and Ram Trucks head Mike Manley will become Marchionne's successor as FCA CEO. We'll have more in an upcoming news story.
The era of Sergio Marchionne leading Fiat Chrysler Automobiles and Ferrari is seemingly coming to abrupt end. Last night, both Bloomberg and Reuters reported that Marchionne would not return as CEO of the two companies due to complications from surgery. Earlier this month, FCA said Marchionne would be going on medical leave for shoulder surgery. Sources tell Reuters that since the operation, the CEO has been experiencing “massive” and serious complications.
The boards of FCA and Ferrari are meeting today to decide possible successors. According to one source, the new CEO of Ferrari is expected to be Louis Carey Camilleri - currently a board member and former chairman of Philip Morris International. At FCA, there are three people up for consideration - CFO Richard Palmer, Europe chief Alfredo Altavilla, and head of the Jeep and Ram Mike Manley.
Spokespeople for both FCA and Ferrari declined to comment.
In addition to his roles at Ferrari and FCA, Marchionne is the Chairman of CNH Industrial, an agricultural and construction equipment manufacturer. According to sources, the board is expected to meet today to discuss a succession plan.
Source: Automotive News (Subscription Required), Bloomberg, Reuters
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By William Maley
Rumors of a possible buyer for Fiat Chrysler Automobiles have popped up again. Late last week, the Asia Times learned from sources that Hyundai Motor Group CEO Chung Mong-koo is waiting for "an expected decline" in shares of FCA before launching a takeover bid attempt. This is expected to launch sometime between the summer and "prior to the Fiat-Chrysler annual shareholders’ meeting in May 2019."
Reportedly, FCA CEO Sergio Marchionne drew Hyundai's attention by using interest from Great Wall Motor.
The deal is being spurred by Paul Singer, the principal of Elliott Management. Singer made headlines in April by pressuring Hyundai to merge with Mobius, their parts' division to create a new holding company and demanded the company to pay investors more than $10 billion in “excess cash.”
Marchionne has been trying his damnedest to try and find a merger partner for the past few years.
Tried to work with General Motors CEO Mary Barra about possibly merging the two companies in 2015, but was turned down. Rumors about possibly merging with Volkswagen, but was told no. Various Chinese automakers considered bidding on FCA, but most deny it. Great Wall was considering only purchasing Jeep. However, plans for this were put on ice Here is the question we find ourselves wondering about, why would Hyundai consider buying FCA? Aside from getting their hands on Jeep and Ram Trucks (FCA's money makers), FCA would be gaining the most from this possible deal.
To throw another wrench into this, Hyundai is currently in the midsts of a reorganization effort and part of that includes possibly replacing Mong-koo who is 80 years old.
Both FCA and Hyundai declined to comment.
Source: Asia Times
Thanks @regfootball for the news tip
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