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Found 9 results

  1. Sergio Marchionne, the former head of Fiat Chrysler Automobiles who is credited for saving Chrysler and Fiat has passed away today at age 66 due to complications from shoulder surgery. “Unfortunately, what we feared has come to pass. Sergio Marchionne, man and friend, is gone,” said FCA Chairman John Elkann in a statement this morning. Marchionne came into the spotlight back in 2004 when he was named CEO of Fiat. He was Fiat's fifth CEO in less than two years and had a big task ahead of him. The Italian automaker was struggling as it had lost more than 6 billion Euros (about $7 billion) the year before. Marchionne was somehow able to pull Fiat from the brink by closing various plants, laying off thousand of workers, getting a $2 billion payment from General Motors to settle past contractual obligation, and expanding the company's car lineup. It worked as Fiat would become profitable a year later. In 2009, Marchionne led Fiat to acquire a 20 percent stake into beleaguered Chrysler following the 2008 financial crisis. Only a few years later, Fiat would buy up the rest of Chrysler and become Fiat Chrysler Automobiles. He would oversee the reinvention of Alfa Romeo, expand Jeep into other markets, and spin off Ferrari into its own separate company. Other parts of FCA haven't quite worked out, most notably Chrysler and Dodge which has seen both of their lineups shrink. Marchionne was not like your normal CEO. He was known for wearing black pullover sweaters and jeans which made him stand out at various events. Marchionne was also known for being direct and speaking his mind (for better or worse). Next April, Marchionne was planning to step down as CEO and announce his replacement. But health complications over the weekend caused FCA to decide his successor. That person would be Mike Manley, head of Jeep and Ram Trucks. Source: Automotive News (Subscription Required), Bloomberg, Fiat Chrysler Automobiles
  2. *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
  3. For the past few years, Fiat Chrysler Automobiles CEO Sergio Marchionne holds a conference with journalists and analysts at the Detroit Auto Show, taking various questions. According to Motor Trend, Marchionne revealed that more crossovers are on the way for Alfa Romeo, Chrysler, and Ferrari. Alfa's Three-Row Crossover: Sergio Marchionne confirmed that Alfa Romeo is working on a larger SUV to sit above the Stelvio. He says this model is very important for the brand. As we reported towards the end of December, the model would use a stretched version of the Stelvio's platform and possibly feature a mild-hybrid powertrain. Chrysler's Pacifica-based crossover: It seems the platform that underpins the Pacifica will be used for a long-promised crossover. The model was in the previous five-year plan for FCA, but was pushed back. The model will be in the next five-year plan (expected to be shown sometime later this year) and could go into production within the next 18 months. Ferrari SUV: Progress on Ferrari's upcoming SUV is moving quite quickly as Marchionne said it would be ready by the end of 2019 or early 2020. At the moment, the Italian automaker has mock-up bodies of the SUV, but nothing driveable. “I have seen the car when I was in Europe. It’s not finished. It’s going to be Ferrari. It will drive like a Ferrari or I’ll be taken to the shed. But it looks good,” said Marchionne. Other bits from Marchionne: When asked about a performance electric vehicle, Marchionne said, “Ferrari has looked at this forever, and if there is an electric supercar to be built, Ferrari will do it,” FCA hasn't "found an economic way to get this done” when asked if there was the chance of a midsize Ram pickup. Wrangler Pickup is expected to debut towards the end of 2019 Marchionne is planning to retire as FCA CEO next year The most pressing question asked during the session? Where does he buy his sweaters? Answer: Online. Source: Motor Trend
  4. Fiat Chrysler Automobiles' CEO Sergio Marchionne has a track record of saying things that make jaws drop everywhere. Case in point comes to us from The Detroit Free Press. During the company's first-quarter earnings call, Morgan Stanley analyst Adam Jonas asked Marchionne if there was a possibility of spinning off Jeep and/or Ram Trucks into a separate, standalone company. "Yes," said Marchionne. The Free Press notes that Jonas dropped this subject and moved on to another question. It needs to be noted that this isn't the first time that Jonas has brought this idea up. Back in January, Jonas estimated Jeep's value on a standalone basis would be $22 billion. Ram Trucks isn't far behind with an estimated value of $11.2 billion. There is also precedent for this idea. Marchionne has a history of spinning off brands while keeping them under the FCA corporate umbrella. Last year, Ferrari was spun off to its own standalone company and now trades on the New York Stock Exchange. It currently generates more than $3.4 billion in annual revenue and close to $435 million in net income. Marchionne serves as the chairman and CEO of the company. But if such a move was to happen, it would take a fair amount of time for this changeover to take place. Source: Detroit Free Press
  5. Sergio Marchionne, the former head of Fiat Chrysler Automobiles who is credited for saving Chrysler and Fiat has passed away today at age 66 due to complications from shoulder surgery. “Unfortunately, what we feared has come to pass. Sergio Marchionne, man and friend, is gone,” said FCA Chairman John Elkann in a statement this morning. Marchionne came into the spotlight back in 2004 when he was named CEO of Fiat. He was Fiat's fifth CEO in less than two years and had a big task ahead of him. The Italian automaker was struggling as it had lost more than 6 billion Euros (about $7 billion) the year before. Marchionne was somehow able to pull Fiat from the brink by closing various plants, laying off thousand of workers, getting a $2 billion payment from General Motors to settle past contractual obligation, and expanding the company's car lineup. It worked as Fiat would become profitable a year later. In 2009, Marchionne led Fiat to acquire a 20 percent stake into beleaguered Chrysler following the 2008 financial crisis. Only a few years later, Fiat would buy up the rest of Chrysler and become Fiat Chrysler Automobiles. He would oversee the reinvention of Alfa Romeo, expand Jeep into other markets, and spin off Ferrari into its own separate company. Other parts of FCA haven't quite worked out, most notably Chrysler and Dodge which has seen both of their lineups shrink. Marchionne was not like your normal CEO. He was known for wearing black pullover sweaters and jeans which made him stand out at various events. Marchionne was also known for being direct and speaking his mind (for better or worse). Next April, Marchionne was planning to step down as CEO and announce his replacement. But health complications over the weekend caused FCA to decide his successor. That person would be Mike Manley, head of Jeep and Ram Trucks. Source: Automotive News (Subscription Required), Bloomberg, Fiat Chrysler Automobiles View full article
  6. *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
  7. For the past few years, Fiat Chrysler Automobiles CEO Sergio Marchionne holds a conference with journalists and analysts at the Detroit Auto Show, taking various questions. According to Motor Trend, Marchionne revealed that more crossovers are on the way for Alfa Romeo, Chrysler, and Ferrari. Alfa's Three-Row Crossover: Sergio Marchionne confirmed that Alfa Romeo is working on a larger SUV to sit above the Stelvio. He says this model is very important for the brand. As we reported towards the end of December, the model would use a stretched version of the Stelvio's platform and possibly feature a mild-hybrid powertrain. Chrysler's Pacifica-based crossover: It seems the platform that underpins the Pacifica will be used for a long-promised crossover. The model was in the previous five-year plan for FCA, but was pushed back. The model will be in the next five-year plan (expected to be shown sometime later this year) and could go into production within the next 18 months. Ferrari SUV: Progress on Ferrari's upcoming SUV is moving quite quickly as Marchionne said it would be ready by the end of 2019 or early 2020. At the moment, the Italian automaker has mock-up bodies of the SUV, but nothing driveable. “I have seen the car when I was in Europe. It’s not finished. It’s going to be Ferrari. It will drive like a Ferrari or I’ll be taken to the shed. But it looks good,” said Marchionne. Other bits from Marchionne: When asked about a performance electric vehicle, Marchionne said, “Ferrari has looked at this forever, and if there is an electric supercar to be built, Ferrari will do it,” FCA hasn't "found an economic way to get this done” when asked if there was the chance of a midsize Ram pickup. Wrangler Pickup is expected to debut towards the end of 2019 Marchionne is planning to retire as FCA CEO next year The most pressing question asked during the session? Where does he buy his sweaters? Answer: Online. Source: Motor Trend View full article
  8. Fiat Chrysler Automobiles' CEO Sergio Marchionne has a track record of saying things that make jaws drop everywhere. Case in point comes to us from The Detroit Free Press. During the company's first-quarter earnings call, Morgan Stanley analyst Adam Jonas asked Marchionne if there was a possibility of spinning off Jeep and/or Ram Trucks into a separate, standalone company. "Yes," said Marchionne. The Free Press notes that Jonas dropped this subject and moved on to another question. It needs to be noted that this isn't the first time that Jonas has brought this idea up. Back in January, Jonas estimated Jeep's value on a standalone basis would be $22 billion. Ram Trucks isn't far behind with an estimated value of $11.2 billion. There is also precedent for this idea. Marchionne has a history of spinning off brands while keeping them under the FCA corporate umbrella. Last year, Ferrari was spun off to its own standalone company and now trades on the New York Stock Exchange. It currently generates more than $3.4 billion in annual revenue and close to $435 million in net income. Marchionne serves as the chairman and CEO of the company. But if such a move was to happen, it would take a fair amount of time for this changeover to take place. Source: Detroit Free Press View full article
  9. Reuters reports that the Fiat CEO at a conference on Wednesday was being bluntly honest when he said do not buy the 500e. To quote the CEO; "We loose $14,000 on each 500e we sell." He went on to state that they would sell the minimum required to keep selling their auto's in the US and in states like California. He also went on to say that by 2025 3/4 of the auto's they sell will be Hybrids to meet the Governments mandated MPG fuel requirements. The full story was published here: http://www.reuters.com/article/2014/05/21/chrsyelr-ceo-evs-idUSL1N0O71MS20140521?feedType=RSS This story makes me ask the following question. If people keep saying that Electric Auto's are outselling the early days of Hybrids, then why are there not more electric auto's? We see a growing list of auto's with the option of CNG or Hybrid.

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