Fiat News: Mike Manley To Succeed Sergio Marchionne As FCA CEO

[William Maley]

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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

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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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[smk4565]

Jeep is the strongest brand they have so it makes sense.  FCA still has the same owner though, so I don't think the product roadmap or plans for their path forward changes at all.  

[regfootball]

First off, i hope for the best for Sergio and his family.

Manley seems well qualified to assume this role.

I hope the transition goes ok, down the road, I wonder if this alters the course FCA seems to be on with regards to starving Chrysler and Dodge.

[riviera74]

The new CEO has a choice: save Dodge/Chrysler or save FIAT/Alfa Romeo.  He MUST choose wisely.

[David]

Time to kill off the unloved Fiat in the US, leave it to Europe and those 3rd world places that want and still buy the cheap little POS auto's. Alfa, is bleeding money and is mediocre at best. Time to let it go BACK into the History books. Move the platform into Dodge / Chrysler and in the Euro market grow Fiat with some bigger cars to expand options.

Continue to invest in Dodge, Chrysler, Ram and especially JEEP.

Sorry for the personal health issues of Serfio's family.

Hello Mike, wishing you all the best in continuing to grow FCA.

[smk4565]

I read Sergio is in extremely serious condition, it sounds like there is nothing they can do for him.  A very sad situation. 

As far as FCA goes, these big corporations usually plan a new CEO at least a year in advance, a sudden change like this can send shockwaves through a company.  This is shocking news that the guy who turned around Fiat and has been regarded as one of the great automotive leaders is now gone from the company.   Could be a tough year for them ahead.

[daves87rs]

7 hours ago, riviera74 said:

The new CEO has a choice: save Dodge/Chrysler or save FIAT/Alfa Romeo.  He MUST choose wisely.

I think all can be saved....catch is doing it smart.....

[David]

9 hours ago, smk4565 said:

I read Sergio is in extremely serious condition, it sounds like there is nothing they can do for him.  A very sad situation. 

As far as FCA goes, these big corporations usually plan a new CEO at least a year in advance, a sudden change like this can send shockwaves through a company.  This is shocking news that the guy who turned around Fiat and has been regarded as one of the great automotive leaders is now gone from the company.   Could be a tough year for them ahead.

How did Sergio turn Fiat around. They still build crap that no one wants and as far as a great automotive leader. Sorry Biff, your clearly drinking the wrong kool aid on this one. He is anything but a great leader.

[ccap41]

16 hours ago, dfelt said:

Alfa, is bleeding money and is mediocre at best.

Uhhhh I haven't heard a lot bad about their recent offerings. The're competing directly with the best from Germany and the're not bad at all. I've definitely not heard anybody refer to the Giulia or Stelvio as mediocre. 

[David]

38 minutes ago, ccap41 said:

Uhhhh I haven't heard a lot bad about their recent offerings. The're competing directly with the best from Germany and the're not bad at all. I've definitely not heard anybody refer to the Giulia or Stelvio as mediocre. 

I have heard this many times as people here in Seattle are NOT impressed with Alfa's. Lexus and Infiniti is considered better than an Alfa.

[ccap41]

19 minutes ago, dfelt said:

I have heard this many times as people here in Seattle are NOT impressed with Alfa's. Lexus and Infiniti is considered better than an Alfa.

I've heard people hate on all EVs, does that make them truly "mediocre at best"? 

[Drew Dowdell]

1 hour ago, ccap41 said:

Uhhhh I haven't heard a lot bad about their recent offerings. The're competing directly with the best from Germany and the're not bad at all. I've definitely not heard anybody refer to the Giulia or Stelvio as mediocre. 

2

Reliability is an issue for Alfa. I wouldn't put either of their primary vehicles' interiors at an equal quality level to the Germans or even the latest Lincolns. Styling is subjective, but I find them a bit stark. 

[smk4565]

Sergio did pull Fiat out of bankruptcy and they profited billions from the sale of Ferrari.  FCA is still stuck with 2 brands that make money and several that don't, and Maserati is something he wanted to spin off to make a cash grab.  I think this company is a mess because they don't have EV's and driverless cars in the works, so they are way behind.

Altavilla resigned today also.  So we'll see what happens now without the CEO and COO there.

 

[David]

https://www.detroitnews.com/story/business/autos/chrysler/2018/07/23/fiat-altavilla-resignation-head-europe/37057743/

To be expected that the guy who worked with Sergio would leave when passed over. More of the same is what the company would have under that guy. Good for him to move on and let Mike build new and fresh.

[Robert Hall]

Jalopnik has reported that Marccionne has passed away at age 66.

https://jalopnik.com/fiat-chrysler-ceo-sergio-marchionne-turnaround-artist-1827776488

[David]

4 hours ago, Cubical-aka-Moltar said:

Jalopnik has reported that Marccionne has passed away at age 66.

https://jalopnik.com/fiat-chrysler-ceo-sergio-marchionne-turnaround-artist-1827776488

RIP Sergio, I never cared for how he managed FCA, but my thoughts go out to his family on their loss.

I do have to question how a simple procedure ended up taking his life so soon. I hope they release his autopsy results.